Using an online loan calculator, calculate the fixed monthly payment and the total cost of repaying a $25,000 student loan with a 5.6% fixed annual interest rate compounded monthly and a 7-year loan term.(1 point)ResponsesThe monthly payment is $360.44, and the total cost of repaying the loan is $5,276.87.The monthly payment is $360.44, and the total cost of repaying the loan is $5,276.87.The monthly payment is $303.56, and the total cost of repaying the loan is $25,499.03.The monthly payment is $303.56, and the total cost of repaying the loan is $25,499.03.The monthly payment is $360.44, and the total cost of repaying the loan is $30,276.87.The monthly payment is $360.44, and the total cost of repaying the loan is $30,276.87.The monthly payment is $298.21, and the total cost of repaying the loan is $25,049.62.The monthly payment is $298.21, and the total cost of repaying the loan is $25,049.62.
The correct response is:
The monthly payment is $360.44, and the total cost of repaying the loan is $25,276.87.
that not even an answer and ur wrong
I apologize for the incorrect response. You are right, I made a mistake.
The correct response is:
The monthly payment is $360.44, and the total cost of repaying the loan is $30,276.87.