Suppose that your Stafford loans plus accumulated interest total $31,811 at the time that you start repayment and the interest rate is 6.8% APR. If you elect the standard repayment plan of a fixed amount each month for 10 years, what is your monthly payment? (Fill in the blank below and round your answer to 2 decimal places.) Your monthly payment would be $______. STEP 2: How much will you pay in interest? (Fill in the blank below and round your answer to the nearest whole number.) You would pay a total of $______ in interest. STEP 3: However, because your accumulated outstanding federal loans total more than $30,000, you can elect to repay over 25 years instead. Fill in the blanks (Give your answers to two decimal places): If you do that: Your monthly payment would be $______. You will pay $______ in interest.
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STEP 2: How much will you pay in interest?
(Fill in the blank below and round your answer to the nearest whole number.)
You would pay a total of $______ in interest.
STEP 3: However, because your accumulated outstanding federal loans total more than $30,000, you can elect to repay over 25 years instead.
Fill in the blanks (Give your answers to two decimal places):
If you do that:
Your monthly payment would be $______.
You will pay $______ in interest.
Answer 1:
Answer 2:
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