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Determine the total payment over the term of the loan

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To help pay for college, you take out a student loan of $1,000.00 at a fixed APR of 8.4% compounded monthly for 4 years.

A) Calculate the monthly payment required to pay off the loan:

$24.60 = PMT (CORRECT) TVM SOLVER using my caculator

B) Determine the total payment over the term of the loan.

$48,000 (WRONG) 1000*12*4 = 48000

C) Determine how much of the total payment over the loan term goes to principal:

$40648.55 = PV (WRONG) TVM SOLVER using my calculator

D) Determine how much of the total payment over the loan term goes to interest. $ NO IDEA??

Could you possibly explain the steps using the TVM SOLVER on your calculator?

Reference no: EM131938506

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