(Annuity payments) To pay for your education, you've taken out $21,000 in student loans. If you make monthly payments over 13 years at 6 percent compounded monthly, how much are your monthly student loan payments? The monthly payment of your student loan is $. (Round to the nearest cent)

Q: You borrow $12,000 for educational expenses (ie, a student loan). Six months after graduation you…

A: When the borrower borrows a loan from the lender, he has to pay a rate of interest on the borrowed…

Q: You receive a 10-year subsidized student loan of $22,000 at an annual interest rate of 4.3%. What…

A: Using excel PMT function to calculate monthly payment.

Q: You borrow $275,000; the annual loan payments are $36,687.93 for 30 years. What interest rate are…

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Q: After graduation, you decide that you can pay $203.24 per month extra on your student loan (…

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A: Present value is an estimate of the present value of future cash values ​​that may be received at a…

Q: You expect to graduate with $30,847 in student loans. The interest rate on your loan is 6.4 percent…

A:

Q: A student graduates from college with 48000 in student loans with a 5.5% annual simple interest…

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Q: You borrow $90,000; the annual loan payments are $12,852.25 for 30 years. What interest rate are you…

A: Interest :  It is the total amount payment on loan taken or fund borrowed by any person . it may be…

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Q: To pay for your​ education, you've taken out ​$28 comma 00028,000 in student loans. If you make…

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Q: Assume you graduate from university with a $40,000 student loan. If your interest rate is fixed at…

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Q: The remaining balance of your car loan would be

A: Remaining balance is the unpaid portion on the loan. It is the amount of money not yet paid to the…

Q: To pay for your​ education, you've taken out ​$28 comma 00028,000 in student loans. If you make…

A: The objective of this question is to calculate the monthly payments for a student loan of $28,000…

Q: William borrows $22,000 to buy a car. He will repay the loan through 4 years of equal monthly…

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Q: how much money will have accumulated at the end of the 10-year period

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A:

Q: Stafford loans are the most popular form of student loan in the United States. The current interest…

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Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.