Pat receives a series of four annual federally subsidized student loans, each for $5800 at 6.6% . To defray rising costs for her senior year, 3 years after acquiring the first loan she takes out a private student loan for $4300 at 7.2% interest with a term of 10 years and capitalizes the interest for her last year of college. She graduates 9 months after getting the private loan. Payments on all loans are deferred until 6 months after graduation. Find her monthly payment. A) Find the monthly payment on the federally subsidized loans. round the answer to two decimal places,if necessary. B) Find the monthly payment on the private loan? C) Find the total monthly payment for all loans(both accounts)
Pat receives a series of four annual federally subsidized student loans, each for
at
. To defray rising costs for her senior year,
years after acquiring the first loan she takes out a private student loan for
at
interest with a term of
years and capitalizes the interest for her last year of college. She graduates
months after getting the private loan. Payments on all loans are deferred until
months after graduation. Find her monthly payment.
A) Find the monthly payment on the federally subsidized loans. round the answer to two decimal places,if necessary.
B) Find the monthly payment on the private loan?
C) Find the total monthly payment for all loans(both accounts)
Trending now
This is a popular solution!
Step by step
Solved in 5 steps with 3 images
