Question
Suppose you have a student loan of $40,000 with an APR of 9% for 30 years....
Suppose you have a student loan of $40,000 with an APR of 9% for 30
years. Complete parts a through C.
A. what are your required monthly payments?
The required monthly payment is $___
do not round until the final answer. Then round to the nearest
cent as needed
B. suppose you would like to pay the loan off in 18 years
instead of 36. What monthly payments will you need to make?
C. compare the total amount you’ll pay over the long term if
you pay the loan off in 18 years versus 36 years
Homework Answers
Answer #1
Not the answer you're looking for?
Similar Questions
Suppose you have the following 3 student loans: $11,000 with APR of $6.5 for 17 years....
Suppose you have the following 3 student loans: $11,000 with APR of
$6.5 for 17 years. $16,000 with APR of 7% for 22 years, and $14,500
with an APR OF 8% for 12 years.
a)
calculate the monthly payment for each loan individually.
b)
calculate the total youll pay in payments during the life of all
three loans.
c)
a bank offers to consolidate your three loans into a single loan
with an APR of 7% and a loan term...
Consider a student loan of $15,000 at a fixed APR of 6% for 30 years. a....
Consider a student loan of $15,000 at a fixed APR of
6% for 30 years.
a. Calculate the monthly payment.
b. Determine the total amount paid over the term of the
loan.
c. Of the total amount paid, what percentage is paid toward the
principal and what percentage is paid for interest.
(Do not round until the final answer. Then round to the nearest
cent as needed.)
You have an outstanding student loan with required payments of $600 per month for the next...
You have an outstanding student loan with required payments of
$600 per month for the next four years. The interest rate on the
loan is 9.25% APR? (compounded monthly). You are considering making
an extra payment of $ $150 today? (that is, you will pay an extra
$150 that you are not required to? pay).???(Note: Be careful not to
round any intermediate steps to fewer than six decimal?
places.)
a. If you are required to continue to make payments of...
You have an outstanding student loan with required payments of $500 per month for the next...
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 8% APR. You are considering making an extra payment of $200
today (that is, 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...
You have an outstanding student loan with required payments of $600 per month for the next...
You have an outstanding student loan with required payments of
$600 per month for the next four years. The interest rate on the
loan is 8.25% APR. You are considering making an extra payment of
$175 today (that is, you will pay an extra $175 that you are not
required to pay).
a. If you are required to continue to make payments of $600 per
month until the loan is paid off, what is the amount of your final
payment? ...
You have an outstanding student loan with required payments of $600 per month for the next...
You have an outstanding student loan with required payments of
$600 per month for the next four years. The interest rate on the
loan is 9.25% APR. You are considering making an extra payment of
$150 today (that is, you will pay an extra $150 that you are not
required to pay).
a. If you are required to continue to make payments of $600 per
month until the loan is paid off, what is the amount of your
final payment? ...
Suppose you have the following three student loans: $10000 with an APR of 7.5% for 12...
Suppose you have the following three student loans: $10000
with an APR of 7.5% for 12 years, $15000 with an APR of 8% for
17 years, and $13500 with an APR of 9% for 7 years.
a. Calculate the monthly payment for each loan individually.
b. Calculate the total you'll pay in payments during the life
of all three loans.
c. A bank offers to consolidate your three loans into a single
loan with an APR of 8% and a...
You have an outstanding student loan with required payments of $ 500 per month for the...
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 8%APR (compounded monthly). Now that you realize your best
investment is to prepay your student loan, you decide to prepay as
much as you can each month. Looking at your budget, you can afford
to pay an extra $ 250 a month in addition to your required monthly
payments of$ 500 ,or $750 in...
You have an outstanding student loan with required payments of $500 per month for the next...
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 8% APR (compounded monthly). Now that you realize your
best investment is to prepay your student loan, you decide to
prepay as much as you can each month. Looking at your budget, you
can afford to pay an extra $175 a month in addition to your
required monthly payments of $500, or $675 in total...
You have an outstanding student loan with required payments of $600 per month for the next...
You have an outstanding student loan with required payments of
$600 per month for the next four years. The interest rate on the
loan is 8% APR (compounded monthly). Now that you realize your
best investment is to prepay your student loan, you decide to
prepay as much as you can each month. Looking at your budget, you
can afford to pay an extra $175 a month in addition to your
required monthly payments of $600, or $775 in total...
ADVERTISEMENT
Need Online Homework Help?
Get Answers For Free
Most questions answered within 1 hours.
ADVERTISEMENT
Active Questions
asked 13 minutes ago
asked 17 minutes ago
asked 20 minutes ago
asked 32 minutes ago
asked 39 minutes ago
asked 58 minutes ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 2 hours ago
asked 2 hours ago
asked 2 hours ago