The monthly payment - Essay Prowess

The monthly payment

Suppose you have a student loan of $35,000 with an APR of 9​% for 40 years. Complete parts​ (a) through​ (c) below.

a. What are your required monthly​ payments?

The required monthly payment is​ $ ?

​(Do not round until the final answer. Then round to the nearest cent as​ needed.)

b. Suppose you would like to pay the loan off in 20 years instead of 40. What monthly payments will you need to​ make? 

The monthly payment required to pay off the loan in 20 years instead of 40 is ​$ ?

​(Do not round until the final answer. Then round to the nearest cent as​ needed.)

c. Compare the total amount​ you’ll pay over the loan term if you pay the loan off in 20 years versus 40 years.

Total payments for the 40​-year loan =​ $ ?

Total payments for the 20​-year loa