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Shaunta borrowed $50,000 to pay for her education and living expenses during the time she attended college. She chose not to work part-time during her school years to help pay the costs. As a result of starting a family after graduation, she can only afford a $250 monthly loan payment. Her total payments when she completes paying for the loan will be $107,500. How many years will it take her to pay her debt

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Answer:

Number of years to repay loan = 35.83 years

Explanation:

Provided that, loan amount = $50,000

Loan payable with interest = $107,500

Loan payable is in monthly installments.

Monthly payment of loan = $250

Total number of installments = [tex]\frac{107,500}{250} = 430[/tex]

That means a total of 430 months will be taken to repay this education loan.

Number of years = 430/12 = 35.83

That is approximately = 36 years

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