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.
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 $298.21, and the total cost of repaying the loan is $25,049.62.
The monthly payment is $360.44, and the total cost of repaying the loan is $30,276.87.
The correct answer is:
The monthly payment is $360.44, and the total cost of repaying the loan is $27,029.68.
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Using an online loan calculator, the correct answer is:
The monthly payment is $298.21, and the total cost of repaying the loan is $25,049.62.