What is the total amount Bae will have to repay for his $24,599 student loan if...
What is the total amount Bae will have to repay for his $24,599 student loan if the interest rate is 4 percent over 10 years? What is the total amount he would have to repay if the $24,599 was a grant instead of a loan?
Homework Answers
a)
Total amount to repay on loan = Present value * (1+Rate)^number of periods
= $24,599 * (1 + 0.04)^10
= $24,599 * 1.480244285
= $36,412.53
Total amount to repay = $36,412.53
b)
In case of grant, the amount does not have to be repaid.
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