While Mary Corens was a student at the University of Tennessee, she borrowed $12,000 in student loans at an annual interest rate of 7.90%. If Mary repays $1,500 per year, how long  will it take her to repay the loan?

Mary’s loan will be repaid in eight years. Total payments required is 8 times $1,500 or $12,000. After making her 7th $1,500 payment, she would have approximately $10,800 on her account. She will need to make an additional $1,200 in order to achieve her goal.

If you find yourself struggling to repay your loan, there are options available such as income-based repayment plans or consolidation which could help reduce monthly payments by providing longer repayment terms. If you are having trouble repaying your student loan, there are several options that can help. These include income-based repayment programs or consolidation. Both of these could reduce the monthly payment by offering longer terms.

It is important to know the knowledge needed in order to successfully manage your borrowings. This will allow you keep track of finances and ensure that they are well managed.