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. Part: 0 / 3 0 of 3 Parts Complete Part 1 of 3 (a) Find the monthly payment on the federally subsidized loans. Round your answer to two decimal places, if necessary. The monthly payment on the federally subsidized loans is $ . (b) Find the monthly payment on the private loan. (c) Find the total monthly payment for all loans.
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. Part: 0 / 3 0 of 3 Parts Complete Part 1 of 3 (a) Find the monthly payment on the federally subsidized loans. Round your answer to two decimal places, if necessary. The monthly payment on the federally subsidized loans is $ . (b) Find the monthly payment on the private loan. (c) Find the total monthly payment for all loans.
Chapter6: Business Expenses
Section: Chapter Questions
Problem 68P
Related questions
Question
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.
Part: 0 / 3
0 of 3 Parts Complete
Part 1 of 3
(a) Find the monthly payment on the federally subsidized loans. Round your answer to two decimal places, if necessary.
|
The monthly payment on the federally subsidized loans is
$
|
|
(b) Find the monthly payment on the private loan.
(c) Find the total monthly payment for all loans.
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