Using an online loan calculator, calculate the fixed monthly payment and the total cost of repaying a $25,000 student loan with a 5.66
fixed annual interest rate compounded monthly and a 7-year loan term. (1 point)
The monthly payment is $360.44, and the total cost of repaying the loan is \$ 5.276 * 0.87
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 * 0.62
The monthly payment is $360.44, and the total cost of repaying the loan is \$ 30.276 * 0.87
The correct answer is:
The monthly payment is $360.44, and the total cost of repaying the loan is $30,276.00