Alex estimates that he will have $47,500 in student loans by the time he graduates.The interest rate is 7.2 percent,compounded monthly.If he wants to have this debt paid in full within 5 years following graduation,how much must he pay each month?

Question

Quizplus · Accepted Answer

$47,500 = C({1 - 1 / [1 + (0.072 / 12)]^5×12} / (0.072 / 12)) C = $945.05 11ea6c22_9309_7621_9716_155a9e24559d_TB1200_00

Alex Estimates That He Will Have $47,500 in Student Loans