You borrow $12,000 for educational expenses (ie, a student loan). Six months after graduation you need to start making monthly payments on your loan. If the loan repayment period is 10 years and the APR is 6.7%, how much total interest will you pay over the 10 years? O $5,669 in total interest paid over 10 years O $3,749 in total interest paid over 10 years O $4,279 in total interest paid over 10 years O $4,498 in total interest paid over 10 years

You borrow $12,000 for educational expenses (ie, a student loan). Six months after graduation you need to start making monthly payments on your loan. If the loan repayment period is 10 years and the APR is 6.7%, how much total interest will you pay over the 10 years? O $5,669 in total interest paid over 10 years O $3,749 in total interest paid over 10 years O $4,279 in total interest paid over 10 years O $4,498 in total interest paid over 10 years

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Similar questions

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You want to borrow $30,000. For the loan to you must repay $1100 every quarter (4 times per year) for the next 8 years plus $8000 at the end of the 8 years. Based on this, what rate of interest are you paying?
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Stafford loans are the most popular form of student loan in the United States. The current interest rate on a Stafford loan is 4.34% per year. If you borrow $29,000 to help pay for your college education at the beginning of your freshman year, how much will you have to pay at the end of your freshman, sophomore, junior, and senior years for this loan? This is a total of four years over which the original loan will be repaid. The annual loan payment will be ______
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You have just completed your four-year degree at Southwest Minnesota State University (SMSU)! Your student loans that you have accumulated while studying at SMSU total $25,000. Since you have graduated, you must now begin repaying these student loans. The loan’s annual interest rate is six percent (6%) and it requires four equal end-of-year payments. a) Set up an amortization schedule that shows the annual payments, interest payments, principal repayments, and beginning and ending loan balances. B) What is the total amount that you will repay over this four-year period (principal + interest)? c) What portion or percentage are the total “Interest Payments” of the initial loan value of $25,000?
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