Paying in total interest over the life of the loan

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Reference no: EM131986728

You expect to graduate with $42400 in student loans. The interest rate on your loan is 7.8 percent compounded monthly and the loan calls for fixed monthly payments. If you repay the loan in 16 years how much are you paying in total interest over the life of the loan? (HINT: you need to calculate the monthly payment first).'

Reference no: EM131986728

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