It's time for Roxanne to start repaying her student loans, which are amortized over the next ten years. Her first month's payment due is $396. How much should she expect to pay next month?

Substantially less than $396

Slightly less than $396

Exactly $396

Slightly more than $396

Question

Jaycee Mcintyre

Business

17 February, 19:37

It's time for Roxanne to start repaying her student loans, which are amortized over the next ten years. Her first month's payment due is $396. How much should she expect to pay next month?

Substantially less than $396

Slightly less than $396

Exactly $396

Slightly more than $396

+4

Answers (1)

Know the Answer?

Chaz Rowland · Answer 1

The correct answer is letter "C": Exactly $396.

Explanation:

An Amortization Schedule is a table that shows the amounts of principal and interest that comprise each loan payment. Amortization schedules reveal the true cost of purchasing a home, car or requesting a student loan that is paid with regular, equal installments over a period of time.

Thus, Roxanne should pay $396 monthly for the next 10 years.

It's time for Roxanne to start repaying her student loans, which are amortized over the next ten years. Her first month's payment due is $396. How much should she expect to pay next month?Substantially less than $396Slightly less than $396Exactly $396Slightly more than $396

It's time for Roxanne to start repaying her student loans, which are amortized over the next ten years. Her first month's payment due is $396. How much should she expect to pay next month?

Substantially less than $396

Slightly less than $396

Exactly $396

Slightly more than $396