A fourth-year student receives a student loan of $5700 at 3.9% interest compounded monthly. After finishing college in 2 years, the student must amortize the loan in the next 7 years by making equal monthly payments. (a) From the time the loan was initiated until graduation, no payments were made but interest accrued. At the time of graduation, what was the amount student loan debt? (b) After graduation, the student needs to take the balance above and pay monthly installments over the course of 7 years. What is the amount of each monthly payment? dollars
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- Suppose that you borrow $5500 for your first year and $6500 for your second year (the maximum amounts for a dependent student), as federal direct student loans at a 4.29% interest rate. Suppose that each loan begins on September 1 of its year, that you finish college in four years, that you do not pay the accruing interest in the meantime, and that you begin repayment on December 1 after graduation. What is your total debt on that December 1, and how much of that is interest? The first loan accumulates interest of $5500 ×× 51 ≈ $1002.79, and the second loan accumulates interest of $6500 ××39 = $906.26. Your total debt is $5500 + $1002.79 + $6500 + $906.26 = $13,909.05, including a total of $1909.05 in interest.Suppose that you borrow $5500 for your first year and $6500 for your second year (the maximum amounts for a dependent student), as federal direct student loans at a 4.29% interest rate. Suppose that each loan begins on September 1 of its year, that you finish college in four years, that you do not pay the accruing interest in the meantime, and that you begin repayment on December 1 after graduation. You also borrow $7500 for each of your third and fourth years, again on September 1, all at a 4.29% interest rate. You finish college in four years, and you begin repayment on December 1 after graduation.What is your total debt then, and how much of that is interest?Angelica received a 12-year non-subsidized student loan of $18,000 at an annual interest rate of 5.6% (compounded monthly). She will begin repaying the loan after she graduates in 4 years. (a) How much interest must she pay on the loan during the period of time that payments on the loan are not being made? (Round your answer to the nearest cent.) (b) Determine her monthly payment on the loan. (Round your answer to the nearest cent.)
- Angelica received a 12-year non-subsidized student loan of $14,000 at an annual interest rate of 5.3% (compounded monthly). She will begin repaying the loan after she graduates in 4 years. How much interest must she pay on the loan during the period of time that payments on the loan are not being made?mary, a college student, needs to borrow $8000 today for her tuition. She agrees to pay back the loan in a lump-sum payment upon graduationg, 4 years from today. The lender agrees to lending at a fixed 3.85% interest rate during the loan period. what the total cost of Mary's student loan?On the day you entered college, you borrowed $30,000 from your local bank. The terms of the loan include an interest rate of 4.75 percent. The terms stipulate that the principal is due in full one year after you graduate. Interest is to be paid annually at the end of each year. Assume that you complete college in four years. How much total interest will you pay on this loan assuming you paid as agreed?
- The EZ Credit Company offers to loan a college student $6,000 for school expenses. Repayment of the loan will be in monthly installments of $304.07 for 24 months. The total repayment of money is $7,297.68, which includes the original $6,000, $1,207.04 in interest charges, and $90.64 for a required life insurance policy covering the amount of the loan. Assume monthly compounding of interest. What nominal interest rate is being charged on this loan?Angelica received a 12-year non-subsidized student loan of $14,000 at an annual interest rate of 5.3% (compounded monthly). She will begin repaying the loan after she graduates in 4 years. How much interest must she pay on the loan during the period of time that payments on the loan are not being made? (Round your answer to the nearest cent.) $ Determine her monthly payment on the loan.You have just completed your four-year degree at Southwest Minnesota State University (SMSU)! Your student loans that you have accumulated while studying at SMSU total $25,000. Since you have graduated, you must now begin repaying these student loans. The loan’s annual interest rate is six percent (6%) and it requires four equal end-of-year payments. a) Set up an amortization schedule that shows the annual payments, interest payments, principal repayments, and beginning and ending loan balances. B) What is the total amount that you will repay over this four-year period (principal + interest)? c) What portion or percentage are the total “Interest Payments” of the initial loan value of $25,000?
- During four years of college, Nolan MacGregor's student loans are $4,000, $3,500, $4,400, and $5,000 for freshman year through senior year, respectively. Each loan amount gathers interest of 2%, compounded quarterly, while Nolan is in school and 3%, compounded quarterly, during a 6-month grace period after graduation. (a) What is the loan balance (in dollars) after the grace period? Assume the freshman year loan earns 2% interest for 3/4 year during the first year, then for 3 full years until graduation. Make similar assumptions for the loans for the other years. (Round your answer to the nearest cent.)$ (b) After the grace period, the loan is amortized over the next 10 years at 3%, compounded quarterly. Find the quarterly payment (in dollars). (Round your answer to the nearest cent.)$ (c) If Nolan decides to pay an additional $60 per payment, how many payments will amortize the debt? (Round your answer to two decimal places.)paymentsWhat amount (in dollars) should be added to the last…A man borrows P5,430 from a loan association. In repaying this debt, he has to pay P425 at the end of every 3 months on the principal and a simple interest of 14.75% on the principal outstanding at that time. Determine the total amount he must pay after paying all his debt.A college student receives an interest free loan of $8250 from a relative. The student will repay $125 per month until the loan is paid off. a. Express the amount P (in dollars) remaining to be paid in terms of time t (in months) b. After how many months will the student owe $5000?