Answer :
Donald's monthly payment, given the cost of the student loan, and the number of years as well as annual interest, is D. $ 213
How to find the monthly payment ?
The monthly payment is constant and periodic which means that it is an annuity. This makes the current loan balance of $ 29, 000 the present value of an annuity.
The periodic rate :
= 6 % / 12 months
= 0. 5 %
The number of periods :
= 19 x 12
= 228 months
The monthly payment is:
= Present annuity value / Present value of Annuity interest factor, 0. 5%, 228 periods
= 29, 000 / 135.85424588579
= $ 213
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