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
Math   Advanced-Math   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
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.

Ask a Question
ADVERTISEMENT