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Determine how much of the total loan payment applies toward principle and how much applies toward interest?
This is for a student loan of $136,994 at a fixed APR of 6.4% for 20 years.
The answer is supposed to be $106,207.90, but I don't know how to get it. Thanks!
1 Answer
- Robert JLv 51 decade agoFavorite Answer
I can't help you as far as how the calculation is performed but your total of $106,207.90 is correct according to the loan calculator on the following site. Just enter your information and the calculator breaks the information down by month. The final interest total at the end of the schedule agrees with your figure.
