Stafford loan has an annual interest rate

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Suppose that you owe $10,000 when you graduate from college. Your Federal Stafford loan has an annual interest rate of 4.5%. If you want to pay back the entirety of your loan in ten years, what would be your total payment per month? (hint: don’t forget to change the annual rate to a monthly rate for your calculation).

Reference no: EM13892135

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