Ashley took out a student loan for $12,544. The loan had annual interest of 6.9%. She graduated five years after getting the loan and began repaying the loan upon graduation. Ashley will make monthly payments for two years after graduation. During the five years she was in school not making payments the loan occurred simple interest. What was her subsidize loan monthly payment an unsubsidized loan monthly payment?

Q: Lacy has a $50,000.00 student loan when she graduates on May 4, and the prime rate is set at 4.75%.…

A: Interest charged:Interest charged refers to the additional cost incurred for borrowing the…

Q: Jeffery Wei received a 7 year non Subsidized loan of 32000 at an annual interest rate of 5.2%. What…

A: In a non-subsidized loan, the interest on the original loan granted is calculated at simple interest…

Q: Victor received an 8 - year subsidized student loan of $23,000 at an annual interest rate of 4.25 %.…

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Q: Jeffery wei received a 6 year non subsidized student loan of 30,000$ at an annual interest rate of…

A:

Q: Joan received a loan of $47,435 for 2.75 years at a simple interest rate of 9.5%. How much will Joan…

A: The future value of a simple interest amount is the principal amount with the total interest…

Q: Angelica Riordan received a four year non-subsidized student loan of $15,000 at an annual interest…

A: Equated monthly payments It is a monthly fixed payment given by the borrower to the lender on the…

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A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

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Q: 1) Student A has a credit balance of $20,000. The annual effective interest rate on the credit card…

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Q: Jodi takes out a loan to buy a car for $29,000. If her monthly payment is $500 and the annual…

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Q: Your cousin's student loan totaled $45,000 when he graduated. After making payments for the last 2.5…

A: The current loan amount would depend upon the interest rate, the time period, and the monthly…

Q: Lacy has a $45,000.00 student loan when she graduates on May 4, and the prime rate is set at 5.25%.…

A: Repayment schedule:A repayment schedule outlines the structured plan for repaying a loan over a…

Q: Lacy has a $40,000.00 student loan when she graduates on May 4, and the prime rate is set at 4.75%.…

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Q: how much did Tiffany borrow?

A:

Q: Sonia borrowed $7829.00 compounded monthly to help finance her education. She contracted to repay…

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Q: Jeffery Wei received a 7-year non-subsidized student loan of $32,000 at an annual interest rate of…

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Q: LaTisha owed $65,000 when she graduated from college. Suppose her 10-year loan had an APR of 4.5%…

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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.