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Journal 4- Long Term Debt
Look at the long term debt below. Then choose the best plan for repayment of that debt. Explain why this decision is the best one for you. Use vocabulary terms from the lessons in week 4.
Education Loan:
Bank Options $ % Interest Total Length of Loan Monthly Payments
Bank 1 $10,000 6% 5 years =
60 months
Bank 2 $10,000 12% 10 years = 120 months