Making an extra payment

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Reference no: EM132281243

You have an outstanding student loan with required payments of $ 600 per month for the next four years. The interest rate on the loan is 9.00 %APR? (compounded monthly). You are considering making an extra payment of $ 175 today? (that is, you will pay an extra $ 175 that you are not required to? pay). ?(Note: Be careful not to round any intermediate steps to fewer than six decimal? places.)

a. If you are required to continue to make payments of $ 600 per month until the loan is paid? off, what is the amount of your final? payment?

b. What effective rate of return? (expressed as an APR with monthly? compounding) have you earned on the $ 175

Reference no: EM132281243

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