The EZ Credit Company offers to loan a college student $6,000 for school expenses. Repayment of the loan will be in monthly installments of $304.07 for 24 months. The total repayment of money is $7,297.68, which includes the original $6,000, $1,207.04 in interest charges, and $90.64 for a required life insurance policy covering the amount of the loan. Assume monthly compounding of interest. What nominal interest rate is being charged on this loan?

Q: Ryan obtain a nine year subsidized loan of $26,000 at an annual interest rate of 4%. If Ryan…

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

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A: Using excel PMT function to calculate monthly payment.

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A:

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A:

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A: Simple interest is the interest on principal portion of loan or deposits.

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A: Capital recovery factor (CRF) is used to calculate the present value of equal annual instalments…

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A: A non-subsidized student loan is a loan that does not require any interest to be paid during the…

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A: As per our guidelines we are supposed to answer only one question (if there are multiple questions…

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Q: Julie Miller is borrowing $10,000 at a compound annual interest rate of 12%. Amortize the loan if…

A: Formulas:

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A:

Q: Peyton received a 10-year subsidized student loan of $21,000 at an annual interest rate of 4.1%.…

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Q: Lois received a 9 year subsidized student loan of $38,000 at an annual interest rate of 3.125%.…

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