Question 1131064: Consider a student loan of $22,500 at a fixed APR of 9% for 25 years.
a. Calculate the monthly payment.(Do not round until the final answer. Then round to the nearest cent as needed.)
b. Determine the total amount paid over the term of the loan.(Round to the nearest cent as needed.)
c. Of the total amount paid, what percentage is paid toward the principal.(Round to the nearest tenth as needed.)
Answer by Boreal(15235)   (Show Source):
You can put this solution on YOUR website! P=rPV/(1-(1+r)^(-nt)), where r is rate/year (n) and t is number of years
P=(.09/12)*22500/(1-(1.0075^300)
=168.75/0.8937
=$188.82
Total amount paid is the above *300 months, or $56646
the principal was $22500, so the percentage paid towards it is 39.7%
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