Business
Business, 07.03.2020 05:02, alinegonzalez0027

A student looking at the timeline for a student loan on page 60 of the text makes the following observation: The text states that the interest rate on the loan is 9%, but this calculation is obviously wrong. Each monthly payment is $ 127, so the student will be paying back $ 127 times 12 equals $ 1 comma 524 per year. Therefore, because the principal of the loan is $10,000, the interest rate must be StartFraction $1,524/$10,000 = 0.1524 or 15.24 % . The above student statement is:

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A student looking at the timeline for a student loan on page 60 of the text makes the following obse...

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