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A student takes out a college loan of $6000 at an annual percentage rate of 5%,...
A student takes out a loan of $2000 at the beginning of each semester (semi-annually) for 11 semesters to pay for college. The loan charges 4.4% interest compounded semiannually. The student graduates after the 11 semesters and refinances the loan to a lower 3.7% rate compounded monthly with monthly payments (made at the end of each month) for 120 months. Find the monthly payment and the total interest paid.
Instructor-created question Question Help A student takes out a loan of $2,600 at the beginning of each semester (semi-annually) for 11 semesters to pay for college. The loan charges 7.4% interest compounded semiannually. The student graduates after the 11 semesters and refinances the loan to a lower 6.7% rate compounded monthly with monthly payment (made at the end of each month) for 120 months. Find the monthly payment and the total interest paid The monthly payment is $ (Round to...
Consider the situation where someone takes out a loan for $30,000 to pay for college. Assume the loan has an annual interest rate of 4% compounded monthly. Assume that person pays $400 a month to pay off the loan. (a) How long will it take for the person to pay off the loan? (b) If the person was only able to pay $150 a month, how long will it take to pay off the loan? (c) What is the minimum...
5. A college student borrows $1500 during her senior year. The loan is to be paid pack in equal monthly payments starting three years after the loan is established (interest accumulates during the grace period). The APR is 2.8% compounded monthly. How much should she expect to pay per month if she only wants to have to make payments for 2 years? 6. Mary has a credit card balance of $4,300 at an APR of 12% compounded monthly. Mary has...
You took out some student loans in college and now owe $12,000. You consolidated the loans into one amortizing loan, which has an annual interest rate of 6% (APR). Attempt 1/5 for 10 pts. Part 1 If you make monthly payments of $200, how many months will it take to pay off the loan? Fractional values are acceptable.
You took out some student loans in college and now owe $12,000. You consolidated the loans into one amortizing loan, which has an annual interest rate of 4% (APR). Attempt 1/5 for 10 pts. Part 1 If you make monthly payments of $200, how many months will it take to pay off the loan? Fractional values are acceptable.
Upon graduation from college, Warren Roberge was able to defer payment on his $33,000 student loan for 3 months. Since the interest will no longer be paid on his behalf, it will be added to the principal until payments begin. If the interest is 2.89% compounded monthly, what will the principal amount be when he must begin repaying his loan? What is N in this problem? O A. The number of payments. OB. The number of compounds per year. OC....
Like many college students, Yasmin applied for and got a credit card that has an annual percentage rate (APR) of 15%. The first thing she did was buy a new DVD player for $350. At the end of the month, her credit card statement said she only needed to make a minimum monthly payment of $10. Assume Yasmin makes her payment when she sees her statement at the end of each month. If Yasmin doesn't charge anything else and only...
How long will it take to pay off a loan of $48,000 at an annual rate of 12 percent compounded monthly if you make monthly payments of $800? Use five decimal places for the monthly percentage rate in your calculations.
You have an outstanding student loan with required payments of $550 per month for the next four years. The interest rate on the loan is 10% 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 $550, or $800 in total...