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Question 1065763: By the time Stephan graduated school he had an OSAP loan of $21,000. The interest charged on the loan is about 4.5% which is compounded monthly. The 6 month grace period is now over, interest is now being charged and Stephan has decided he had better focus on getting the loan paid off as quickly as possible. He set for himself the goal of paying off the loan in four years. What would Stephan’s monthly loan payments have to be in order to achieve his goal?
Answer by MathTherapy(10552)   (Show Source):
You can put this solution on YOUR website!
By the time Stephan graduated school he had an OSAP loan of $21,000. The interest charged on the loan is about 4.5% which is compounded monthly. The 6 month grace period is now over, interest is now being charged and Stephan has decided he had better focus on getting the loan paid off as quickly as possible. He set for himself the goal of paying off the loan in four years. What would Stephan’s monthly loan payments have to be in order to achieve his goal?
I'm assuming that you're the same person who has posted a bunch of these future/present value problems.
If so, why can't you attempt them? Some have been done for you (I'm sure I did @ least one), so why can't you try them, and then ask for verification of your answer?
FYI, no-one is actually helping you when he/she does each and every one for you. Make an attempt!!
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