Using an online loan calculator, calculate the total cost of repaying a $25,000 student loan with a 5.7% fixed annual interest rate compounded monthly and a 10-year loan term. How much is the monthly payment of the loan?(1 point)
Responses
The total cost of repaying the loan is $25,000. The monthly payment is $208.33.
The total cost of repaying the loan is $25,000. The monthly payment is $208.33.
The total cost of repaying the loan is $35,610.53. The monthly payment is $296.75.
The total cost of repaying the loan is $35,610.53. The monthly payment is $296.75.
The total cost of repaying the loan is $32,641.63. The monthly payment is $272.01.
The total cost of repaying the loan is $32,641.63. The monthly payment is $272.01.
The total cost of repaying the loan is $32,855.99. The monthly payment is $273.80.
The correct answer is:
The total cost of repaying the loan is $32,641.63. The monthly payment is $272.01.