You have a student loan of 40,000$ that you want to repay in 10 years. Interest rates are at 6% per year for every maturity. Assuming annual payments with annual compounding, how much should you pay each year? A) 5,435$ B) 4,000$ C) 4,011$ D) 5,555$ E) 5,226$ F) 6,510$ G) 5,862$ H) 2,402$
You have a student loan of 40,000$ that you want to repay in 10 years. Interest rates are at 6% per year for every maturity. Assuming annual payments with annual compounding, how much should you pay each year? A) 5,435$ B) 4,000$ C) 4,011$ D) 5,555$ E) 5,226$ F) 6,510$ G) 5,862$ H) 2,402$
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 41P
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You have a student loan of 40,000$ that you want to repay in 10 years. Interest rates are at 6% per year for every maturity.
Assuming annual payments with annual compounding, how much should you pay each year?
A) 5,435$
B) 4,000$
C) 4,011$
D) 5,555$
E) 5,226$
F) 6,510$
G) 5,862$
H) 2,402$
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