Mark has a student loan of $35,000 with an APR of 12% for 20 years.


a. What are his required monthly payments?


b.
Suppose you want to pay off the loan in 10 years instead of 20. What monthly payments will
he need to make?


c.
What are the total payments for the 20 year loan?


d. What are the total payments for the 10 year loan?