baylorbear246 baylorbear246

10-02-2024
Mathematics

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Evaluate student loan options Reminder: the loan payment formula can be found on the last page of this project. 4. Raquel is presented with two loan options for a $60,000 student loan. Option A is a 10-year fixed rate loan with an annual interest rate of 4%, while Option B is a
20-year fixed-rate loan with an annual interest rate of 3%. Calculate the monthly payment for each option. What is the total amount paid over the life of the loan for each option? What is the total interest paid over the life of the loan for each option? Round your answers to the nearest cent.

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