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Student loans and retirement savings interact

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Reference no: EM131412911

Please follow the link below and answer the following Questions:

https://www.bloomberg.com/news/article/2016-03-02/how-to-pay-school-loans-and-save-for-retirement-at-the-same-time

1.) Briefly describe the main idea of this article.  How does student loans and retirement savings interact with other?

2.) Consider the case of Aguilar, who recently graduated from the college with $100,000 in student loans, which he would like to pay off in the next 15 years. Suppose that the bank charges 7% interest rate compounded monthly on this loan. In this case what will Aguilar's monthly payment be?

3.) Now suppose Aguilar works for BP3 which uses a platform called Student Loan genius to let it match $100 per month in Aguilar's debt payments.  So now monthly payment will be your answer in question #2 plus $100.  if the interest rate charged by the bank is still 7% Compounded monthly and the amount of student loan being still $100,000, how many years will it take Aguilar to repay his loan?

Reference no: EM131412911

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