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A student in college borrowed 12000 in student loans at an interest rate 9 compounded annually If you repay 1500 per year how long to the nearest year will it take you to repay the?

Jessie Thompson

in Student Loans

1 answer

1 answer

Ralph Lopez on September 18, 2018

A very rough estimate is 15 years or 14 years and 9 months. That's assuming that the total amount of the debt is $12,000, and began to make these payments immediately. Of course, if you decided to defer payments until graduation, the loan shall accrue interest until then, and the amount you owe would be more than 12,000, and therefore take more time to pay. And don't forget to include any origination fees, which would also increase the total amount you have to pay back.

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