You have an outstanding student loan with required payments of $600 per month for the next 4 years. The interest rate on the log APR (monthly). You are considering making an extra payment of $100 today (i.e., you will pay an extra $100 that you are not required to pay). If you are required to continue to make payments of $600 per month until the loan is paid off, what is the amount of your final payment? What effective rate of return (expressed as an APR with monthly compounding) have you earned on the $100? (Note: Be careful not to round any intermediate steps less than six decimal places.) COLL If you are required to continue to make payments of $600 per month until the loan is paid off, what is the amount of your final payment? The final payment is $ (Round to the nearest cent.)

You have an outstanding student loan with required payments of $600 per month for the next 4 years. The interest rate on the log APR (monthly). You are considering making an extra payment of $100 today (i.e., you will pay an extra $100 that you are not required to pay). If you are required to continue to make payments of $600 per month until the loan is paid off, what is the amount of your final payment? What effective rate of return (expressed as an APR with monthly compounding) have you earned on the $100? (Note: Be careful not to round any intermediate steps less than six decimal places.) COLL If you are required to continue to make payments of $600 per month until the loan is paid off, what is the amount of your final payment? The final payment is $ (Round to the nearest cent.)

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter17: Accounting For Notes And Interest

Section: Chapter Questions

Problem 1MYW

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