Homework Answers
This question requires application of PV of annuity concept, according to which
PV =
PV = $99,000, n = 10 * 12 = 120 months, r = 4%/12 = 0.33% (per month).
99000 = P * 98.7702
P = $1,002.33
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Question 22 (0.5 points) To pay for your education, you've taken out $99,000 in student loans....
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To finance his education, Chris took out student loans totalling $28,400. He consolidated these loans into a single loan with monthly payments for 10 years and an interest rate of 8%. After making payments for 6 years, his grandfather has graciously offered to pay off the remaining balance. Calculate the amount needed to pay off his loan. 1. The amount needed to pay off this loan after 6 years is $ (Round to the nearest cent as needed.)
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You took out some student loans in college and now owe $12,000. You consolidated the loans into one amortizing loan, whi...
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