By the time Harsh graduated school he had an OSAP loan of $23,000..
By the time Harsh graduated school he had an OSAP loan of $23,000. The interest charged on the loan is about 4.5% which is compounded monthly. Harsh has decided he had better focus on getting the loan paid off as quickly as possible to save paying a lot of extra money in interest. He set for himself the goal of paying off the loan in 3 years.
What would Harsh’s monthly loan payments have to be in order to achieve his goal? [1]
What will be the total interest paid?
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