(a) If the simple annual interest is 4.2 percent, what are William's monthly payments?

Finance Basics

William recently graduated from NFA University. While at NFA, William tookout a $50,000 student loan. His loan requires him to make monthly payments for a10-year period.

(a) If the simple annual interest is 4.2 percent, what are William’s monthly payments?

(b) To the nearest dollar, how much will William owe on his student loan after he makes payments for three years? Please show how you concluded the answer.

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