Uou have $20000 in student loans with an interest rate of 5% compounded annually. you plan to pay the loans off with equal annual payments over the next ten years. A.) What will your annual payment have to be? B.) Prepare the first three rows of the amortization schedule for paying off this loan.
Uou have $20000 in student loans with an interest rate of 5% compounded annually. you plan to pay the loans off with equal annual payments over the next ten years. A.) What will your annual payment have to be? B.) Prepare the first three rows of the amortization schedule for paying off this loan.
If you plan to pay off your student loan of $20,000 at 5% in ten years time, then your annual payment will be: $2,590.09. I can tell the total pricipal and interest that you will have to pay in that 10-year period. The amortization schedule will be your job!.
You will pay off the entire principal of $20,000 plus interest of $5,901 in that ten year period.
