Problem:
You estimate that you will owe $45,300 in student loans by the time you graduate. The interest rate is 4.25 percent.
Required:
Question: If you want to have this debt paid in full within ten years, how much must you pay each month?
- $411.09
- $464.04
- $514.28
- $536.05
- $542.50
Note: Please show how to work it out.