You receive a 10-year subsidized student loan of $18,000 at an annual interest rate of 5%. What are your monthly loan payments for this loan when you graduate? (Round your answer to the nearest cent.)
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You receive a 10-year subsidized student loan of $18,000 at an annual interest rate of 5%. What are your monthly loan payments for this loan when you graduate? (Round your answer to the nearest cent.)
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- Suppose a graduate student receives a non-subsidized student loan of $11,000 for each of the 4 years the student pursues a PhD. If the annual interest rate is 3% and the student has a 10-year repayment program, what are the student's monthly payments on the loans after graduation? (Round your answer to the nearest cent.)A chiropractic student receives a 10-year PLUS Loan for $50,000 to complete the last 2 years of the program. If the interest rate of the loan is 5.48% and the student begins repaying the loan 2 years after graduation, what will the student's monthly payments be (in dollars)? (Assume the loan has a deferred payment plan. Round your answer to the nearest cent.)A student takes out a short-term loan to pay for tuition, books, and supplies. If the simple interest loan is $3300 at rate of 6% per year for 10 months, find the overall amount that the student must pay back at the end of the 10-month period.
- Dinero Bank offers you a five-year loan for $50,000 at an annual interest rate of 7.5 percent. What will your annual loan payment be?You borrow $7,000 to help pay your college expenses . You agree to repay the loan at the end of 4 years at 8% interest , compounded quarterly. What is the maturity value of the loan ?Determine the interest rate you will pay if you are approved for a loan of $112,000 with annual payments of $15,000 for 8 years.
- You borrow $8000 to help pay your college expenses. You agree to repay the loan at the end of 6 years at 9% interest compounded quarterly. What is the maturity value of the loan? How much interest are you paying on the loan?Prescott Bank offers you a $22,000, 6-year term loan at 10 percent annual interest. What will your annual loan payment be?You borrow $7000 to help pay your college expenses. You agree to repay the loan at the end of 6 years at 12% interest, compounded monthly. (Round your answers to two decimal places.) (a) What is the maturity value of the loan? (b) How much interest are you paying on the loan?
- You have an outstanding student loan with required payments of $500 per month for the next four years. The interest rate on the loan is 9.00% APR (monthly). You are considering making an extra payment of $200 today (i.e., you will pay an extra $200 that you are not required to pay). If you are required to continue to make payments of $500 per month until the loan is paid off, what is the amount of your final payment? What effective rate of retum (expressed as an APR with monthly compounding) have you eamed on the $200? (Note: Be careful not to round any intermediate steps less than six decimal places.) If you are required to continue to make payments of $500 per month until the loan is paid off, what is the amount of your final payment? The final payment is $ (Round to the nearest cent.)If you borrow $25,000 from a local finance company and you are required to pay $4,424.50 per year for 10 years, what is the annual interest rate on the loan?Western Bank offers you a $10,000, 6-year term loan at 7 percent annual interest. What is the amount of your annual loan payment?