Rhett is about to begin college (4-year) and has received a 10-year $7,500 Federal Direct Unsubsidized Loan with an interest rate of 6.4%. He will be required to begin making payments six months after graduation. If Rhett decides to capitalize the interest (which totals $2,160) from the time he receives the funds until he begins making payments in 4.5 years, how much total interest would he pay on this loan?
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- Rhett is about to begin college (4-year) and has received a 10-year $7,500 Federal Direct Unsubsidized Loan with an interest rate of 6.4%. He will be required to begin making payments six months after graduation. If Rhett decides to capitalize the interest (which totals $2,160) from the time he receives the funds until he begins making payments in 4.5 years, how much total interest would he pay on this loan?Douglas needs to borrow $15,600 today for his tuition bill. He agrees to pay back the loan in a lump-sum payment five years from now, after he is out of college. He bank states that the payment will need to be $19, 683. If Douglas borrows the $15,600 from the bank, what interest rate is he paying on his loan?Craig decides to purchase a property that has been valued at $480,000. He has $90,000 available as a deposit and will require a mortgage for the remaining amount. The bank offers him a 25 year mortgage at 2% interest. Calculate the total interest he will pay over the life of the loan, assuming he makes monthly payments.
- Jim wants to deposit an amount anually to meet his retirement needs. Assume that he will deposit a fixed annual amount for the next 20 years into a retirement savings account, starting one year from now. Mark has a son who will be attending college and plans to make 5 withdrawals (starting one year after making his final deposit into the retirement account) of $35,000 each to pay for his annual tuition for the following 5 years. Commercial Banks will be paying 6 percent on such retirement accounts for the next 25 years. How much should Mark place in the account annually to cover his retirement needs.Nine years from now, Sam wants to have an amount available to deposit into an account that earns 6 percent compounded annually. This account is to provide Sam with an income of $10,000 at the end of each year for 10 years. To accomplish this, Sam invests in an 8-year bank certificate that pays 8 percent compounded semiannually, and he will use this certificate, plus interest , to establish his income account. What should be the principle value of the certificate be ? please solve these math details and do not be use any softwareMadison is planning to save for his newborn daughter’s college tuition, to be paid in 18 years. The amount he wishes to have by that time is $70,000. He plans to deposit $2,300 in a bank account every year for 18 years, starting next year. Suppose the account pays 2% interest on deposits, compounded annually. How much would he need to deposit right now, to make up the remaining amount necessary by the end of 18 years? a. $13,378.03 b. $14,529.48 c. $15,841.33 d. $17,003.96 e. $18,458.72.
- Alex will need $9860 per year for four years to support his daughters university tuition (first tuition is paid at the beginning of the 11th year). How much will Alex have to invest at the beginning of each year for the 10 years before his daughter begins her studies if their savings earn compound interest at 6 percent per year? A)$2,378.49 B)$2,593.46 C)$2,697.47 D)$2,400.74 E)$2,544.78Sean has taken out student loans to pay for college. He has borrowed $36,000 to cover tuition fees and agreed to pay the balance at a 4.68 % add-on rate for 8 years. What are his monthly payments and how much would he end up paying for his education if he kept the loan to term? Total amount to be repaid: Monthly payments:Greg borrows $881,000 to buy a house. His mortgage requireds 22 years of monthly payments, with the first payment due one month after the purchase date, and an annualized interest rate of 5.4%. If Greg decides to completely pay off the loan as soon as he makes payment #36, how much does he owe the bank? Assume he has made all payments on time leading up to this point. Enter your answer as a positive number, and round to the nearest dollar.
- Bobby's parents loaned him $110,000 to fund his college education. His parents are not charging interest. They desire to be paid one lump sum of $110,000 when Bobby can accumulate that amount. Bobby established a savings plan that earns 4% compounded annually. His new job promises to pay an annual holiday bonus that will enable him to make equal annual, year-end deposits of $6500 starting next year. Approximately how many years will it take Bobby to accumulate the $110,000?Garrett and Erin are borrowing $170,000 to purchase a new home. They have been approved for a 30-year loan with an interest rate of 5.75%. What will be their monthly payment?1) Miguel is attending a 4-year college. As a freshman, he was approved for a 10-year, federal unsubsidized student loan in the amount of $6,800 at an APR 4.29%. He knows he has the option of beginning repayment of the loan in 4.5 years. He also knows that during this nonpayment time, interest will accrue at 4.29% a) How much interest will Miguel accrue during the 4.5-year nonpayment period? b) If no payments are made, what will the new principal be when he begins making loan payments? c) How much interest will he pay over the life of the loan?