Larry has decided to take out a loan for college. He expects to graduate 5 years and 6 months later and payments begin 3 months after graduation. He borrowed $6,000 from a federal student loan program at a 7.5% interest rate. What will his monthly interest rate be? Assume 30-day months.

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A: Here, Loan Amount is $26,000 Annual Interest Rate is 4% Income Adjusted Repayment is $275 per month

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A: Calculation of the monthly interest rate is as follows:

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A: Computation is represented as below: Hence, Leslie will accumulate $6,341.25 in three years.

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A: Information Provided: Loan amount = $28,000 Interest rate = 4.125% Period of loan = 10 years

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A: Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only one…

Q: Melissa's monthly loan payments for this loan when she graduates in 1 year?

A: Monthly loan payment is the loan amount paid over the loan period. The monthly loan payment consists…

Q: Gerritt wants to buy a car that costs $31,250. The interest rate on his loan is 5.69 percent…

A: Information Provided: Car costs = $31,250 (Present value) Interest rate on loan = 5.69% compounded…

Q: Bob wants to deposit $5000 into a bank account at the beginning of the next month and $200 per month…

A: This account can be divided into two account: principal amount $5000 at rate 3% pa compounded…