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Solution Library
Calculate the Outstanding Loans.
Question
You have graduated from college but unfortunately have $32,000 in outstanding loans. The loans require annual payments of $3,245 which covers interest and princi- pal repayment. If the interest rate is 4 percent, how long will it take you to repay the debt? If the powers that be raise the rate to 6 percent, how many additional years will be required to retire the loans?
Answer
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Title: calculate the outstanding loans.
Tags: loans, outstanding loans, calculation of outstanding loans
Desc: Discusses about how many additional years will be required to retire the loans?
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