Select the correct answer. After four years of college, Erica has to start paying off all her student loans. Her first payment is due at the end of this month. Her bank told her
that she has 10 years to pay off all of her loans, and that starting this month the loans will be compounded monthly at a fixed annual rate of
9.4%.
Erica currently has a total of $29.158.00 in student loans. Using the formula, what is Erica's approximate monthly payment?
Fpli)
P =
1- (1 + i)-
ОА
OB
Erica's approximate monthly payment will be $370.39.
Erica's approximate monthly payment will be $254.94.
Erica's approximate monthly payment will be $375.70.
Erica's approximate monthly payment will be $2.740.10.
Oc.
D.