Loans Assignment | Professional Writing

To finance his education, Chris took out student loans totalling $28,400. He consolidated these loans into a single loan with monthly payments for 10 years and an interest rate of 8%.

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After making payments for 6 years, his grandfather has graciously offered to pay off the remaining balance. Calculate the amount needed to pay off his loan. 1. The amount needed to pay off this loan after 6 years is $ (Round to the nearest cent as needed.)

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