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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

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Answers (1)
  1. 17 February, 19:53
    0
    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.
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