Question

Melissa Hernandez received an 8-year subsidized student loan of $23,000 at an annual interest rate of 4.9%. What are Melissa's monthly loan payments for this loan when she graduates in 1 year? (Round your answer to the nearest cent.) $

Answer 1

Principal (P) = $ 23,000

Rate (R) = 4.9%

Time (t) = 8 years

Monthty Loan Payment = ?

Interest for 8 years = ptr/100

= 2300084.9/100

= $ 9016

Total Amount to be paid with interest for 8 years = 23000 + 9016

= $ 32016

Monthly Loan Payment = 32016(8 12) = 32016 96 = $ 333.50