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How long will take to pay off student loans

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Problem 1: Assume you are borrowing $10,000.00 per year for 4 years of college. If the interest is deferred and compounded annually at 7%, how much will you owe at the end of 4 years when you graduate?

Problem 2: Using the information from above, if the loans continue to charge 7% compounded annually and you make $3,600.00 annual payments ($300.00/month), how long will it take to pay off your student loans.

Reference no: EM132743866

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