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At graduation, you have a student loan of $16,000. The loan has a fixed annual interest rate of 3.4%, compounded monthly, for 10 years. What will your monthly payments be? (Ente…

At graduation, you have a student loan of $16,000. The loan has a fixed annual interest rate of 3.4%, compounded monthly, for 10 years. What will your monthly payments be? (Ente…
asked 182k views
3 votes
At graduation, you have a student loan of $16,000. The loan has

a fixed annual interest rate of 3.4%, compounded monthly, for 10
years. What will your monthly payments be? (Enter numeric answers
to 2

asked
User Sboulema
by
7.4k points

1 Answer

5 votes

Answer: $186.27

Step-by-step explanation: 16000(1.034)^10=22352.46

22352.46/120=186.27

answered
User Carson Moore
by
7.4k points
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