Question

Jacob has $210,000 in student loans.  His bank charges 4% APR (compounded monthly).  If Jacob wants to pay...

Jacob has $210,000 in student loans.  His bank charges 4% APR (compounded monthly).  If Jacob wants to pay off his student loans in 10 years, Part A:) calculate the amount he must pay each month to eliminate the debt, Part B): and also calculate the number months it will take to pay off the loans he pays 1000 per month?

Business   Finance   
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
John borrows ​$46,000 from a local bank at an APR of 9.6​%, compounded monthly. His monthly...
John borrows ​$46,000 from a local bank at an APR of 9.6​%, compounded monthly. His monthly payments are ​$46,000​ (A/P,0.8​%,58​)=​$994 for a 58​-month loan. If John makes an extra payment on the first month of each​ year, his repayment duration for the loan will be reduced to how many​ months? ​John's repayment duration for the loan will be reduced to ______months
Joey realizes that he has charged too much on his credit card and has racked up...
Joey realizes that he has charged too much on his credit card and has racked up $6,000 in debt. If he can pay $400 each month and the card charges 22 percent APR (compounded monthly), how long will it take him to pay off the debt assuming no new purchases are made on the card? (Show answers in months)
First National Bank charges 11.5 percent compounded monthly on its business loans. First United Bank charges...
First National Bank charges 11.5 percent compounded monthly on its business loans. First United Bank charges 11.7 percent compounded semiannually. Calculate the EAR for each bank. (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.) First National Bank %? First United Bank %? As a potential borrower, which bank would you go to for a loan?
Suppose that you owe $2,000 on a credit card that charges 18% APR and you pay...
Suppose that you owe $2,000 on a credit card that charges 18% APR and you pay either the minimum 10% or $20, whichever is higher, every month. How long will it take you to eliminate the debt? Assume that the bank uses the previous-balance method to calculate your interest, meaning that the bank does not subtract the amount of your payment from the beginning balance but charges you interest on the previous balance solve without excel
Alex estimates that he will have $47,500 in student loans by the time he graduates. The...
Alex estimates that he will have $47,500 in student loans by the time he graduates. The interest rate is 7.2 percent, compounded monthly. If he wants to have this debt paid in full within 5 years following graduation, how much must he pay each month? $745.69 $873.65 $945.05 $741.67 $980.40
Joey realizes that he has charged too much on his credit card and has racked up...
Joey realizes that he has charged too much on his credit card and has racked up $5,600 in debt. If he can pay $150 each month and the card charges 12 percent APR (compounded monthly), how long will it take him to pay off the debt? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
Phoebe realizes that she has charged too much on her credit card and has racked up...
Phoebe realizes that she has charged too much on her credit card and has racked up $5,500 in debt. If she can pay $250 each month and the card charges 12 percent APR (compounded monthly), how long will it take her to pay off the debt? Time to pay off debt: ___ months
(A) Karev has taken out a $200,000 loan with an annual rate of 11percent compounded monthly...
(A) Karev has taken out a $200,000 loan with an annual rate of 11percent compounded monthly to pay off hospital bills from his wife​ Izzy's illness. If the most he can afford to pay is $3,500 per​ month, how long will it take to pay off the​ loan? How long will it take for him to pay off the loan if he can pay $4,000 per​ month? Use five decimal places for the monthly percentage rate in your calculations. (B)...
Jake puts his money in account earning 7% compounded annually and wants to leave it there...
Jake puts his money in account earning 7% compounded annually and wants to leave it there until it reaches ten times its original value. How long must he leave the money in the account? How long would it take if the 7% APR was compounded monthly instead of annually?
​(Annuity number of​ periods) Alex Karev has taken out a ​210,000$ loan with an annual rate...
​(Annuity number of​ periods) Alex Karev has taken out a ​210,000$ loan with an annual rate of 9 percent compounded monthly to pay off hospital bills from his wife​ Izzy's illness. If the most Alex can afford to pay is ​$2,500 per​ month, how long will it take to pay off the​ loan? How long will it take for him to pay off the loan if he can pay ​$3,000 per​ month? Use five decimal places for the monthly percentage...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT