12. Suppose that your federal direct student loans plus accumulated interest total $31,811 at the time that you start repayment, and the interest rate is 4.29%. (a) If you elect the standard repayment plan of a fixed amount each month for 10 years, what is your monthly payment? (b) How much will you pay in interest? However, because your accumulated outstanding federal loans total more than $30,000, you can elect to repay over 25 years instead. If you do that: (c) What is your monthly payment? (d) How much in total will you pay in interest?
12. Suppose that your federal direct student loans plus accumulated interest total $31,811 at the time that you start repayment, and the interest rate is 4.29%. (a) If you elect the standard repayment plan of a fixed amount each month for 10 years, what is your monthly payment? (b) How much will you pay in interest? However, because your accumulated outstanding federal loans total more than $30,000, you can elect to repay over 25 years instead. If you do that: (c) What is your monthly payment? (d) How much in total will you pay in interest?
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Then create an amortization schedule that shows the the first three payments for part a)
Transcribed Image Text:12. Suppose that your federal direct student loans plus
accumulated interest total $31,811 at the time that you
start repayment, and the interest rate is 4.29%.
(a) If you elect the standard repayment plan of a fixed
amount each month for 10 years, what is your monthly
payment?
(b) How much will you pay in interest?
However, because your accumulated outstanding
federal loans total more than $30,000, you can elect to
repay over 25 years instead. If you do that:
(c) What is your monthly payment?
(d) How much in total will you pay in interest?
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