Question

Determine the total payment over the term of a student loan of $63,741 at a fixed APR of 5% for 18 years. $94,174.49 $96,856.10 $121,107.90 $96,794.09 Hint: First use the calculator to find the monthly payment. Then use the formula: TOTAL PMT = N x PMT

          Determine the total payment over the term of a student loan of $63,741 at a fixed APR of 5% for 18 years.
$94,174.49
$96,856.10
$121,107.90
$96,794.09
Hint: First use the calculator to find the monthly payment. Then use the formula:
TOTAL PMT = N x PMT

Determine the total payment over the term of a student loan of 63,741 at a fixed APR of 5% for 18 years.94,174.49
96,856.10121,107.90
96,794.09
Hint: First use the calculator to find the monthly payment. Then use the formula:
TOTAL PMT = N x PMT

Added by Marcus H.

Calculus: Early Transcendentals

James Stewart 8th Edition

Instant Answer

Solved by Expert Vishal Parmar

05/18/2022

Step 1

05 Number of years (T) = 18 Number of compounding periods per year (N) = 12 Calculate the monthly payment (PMT): $PMT = \frac{L \times \left(\frac{R}{N}\right)}{1 - (1 + \frac{R}{N})^{-N \times T}}$ Substitute the values: \(PMT = \frac{63741 \times Show more…

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Determine the total payment over the term of a student loan of $63,741 at a fixed APR of 5% for 18 years. $94,174.49 $96,856.10 $121,107.90 $96,794.09 Hint: First use the calculator to find the monthly payment. Then use the formula: TOTAL PMT = N x PMT