Sandy Nguyen just graduated from college and has $50,000 in student loans. The loans bear interest at a rate of 8% and require quarterly payments.

a. What amount should Sandy pay each quarter if she wishes to pay off her student loans in six years?

Use Excel or a financial calculator for the computations. Round your answer to the nearest dollar.

$Answer

b. Sandy can only afford to pay $1,800 per quarter. How long will it take Sandy to repay these loans?

Use Excel or a financial calculator for the computations. Round the number of years to the nearest whole number.

Answer years