What would be the balance on the loan

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Reference no: EM132445028

Problem: Latoya's makes payments on astudent loans of $500 on the first day of each of month that has a balance today of $24,000 and has an effective annual rate of 4%.

Required:

a What would be the balance on the loan at the end of three years?

b What would be the balance on the loan at the end of three years if she also paid $2,500 on the loan today.

Reference no: EM132445028

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