ing 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)%0D%0AResponses%0D%0A%0D%0AThe monthly payment is $303.56, and the total cost of repaying the loan is $25,499.03.%0D%0AThe monthly payment is $303.56, and the total cost of repaying the loan is $25,499.03.%0D%0A%0D%0AThe monthly payment is $360.44, and the total cost of repaying the loan is $5,276.87.%0D%0AThe monthly payment is $360.44, and the total cost of repaying the loan is $5,276.87.%0D%0A%0D%0AThe monthly payment is $360.44, and the total cost of repaying the loan is $30,276.87.%0D%0AThe monthly payment is $360.44, and the total cost of repaying the loan is $30,276.87.%0D%0A%0D%0AThe monthly payment is $298.21, and the total cost of repaying the loan is $25,049.62
The correct answer is:
The monthly payment is $303.56, and the total cost of repaying the loan is $25,499.03.