Using the average interest rate for a federal loan of 2.75% AND the average interest rate for a private loan of 5.8%, calculate how long it'll take you to pay off both federal and private loan using the total cost from part 2. What would your monthly loan payments be (have realistic monthly loan payments as you would have other expenses)?

Using the average interest rate for a federal loan of 2.75% AND the average interest rate for a private loan of 5.8%, calculate how long it'll take you to pay off both federal and private loan using the total cost from part 2. What would your monthly loan payments be (have realistic monthly loan payments as you would have other expenses)?

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter5: Gross Income: Exclusions

Section: Chapter Questions

Problem 34P

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Loan Request: $15,000 for 1 year college tuition Capacity Annual household income $10,000 salary Years working for current employer: 2 vears Education some college Monthly debt payments 30% of monthly income. Character FICO score 550 Years living at current address 2 years Criminal record none - Length of credit history 1 year using a major credit card Collateral Short-term financial assets: $500 in checking account plus $1,000 in savings Long term financial assets $5,000 m certificate of deposit account Equity m home: None (renter) Market value of other real assets: Old car ($1.500) 30 Gren an mdividual with the characteristics above evaluate how ikely it is that this person will fepay the loan in each of the three categories Give a rating of low risk'medrum risk," or high risk Capacity: Character: Collateral: 31 Which factors support approving this individual's loan request? 32. Which factors support denying this individual's loan request? 33. Would you approve or deny this person's…