Suppose you have a student loan of $50000 with an APR of 12% for 40 years....
Suppose you have a student loan of $50000 with an APR of 12% for 40 years. 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.)
If paid off in 20 years?
The percentage of the total paid that is interest is ?
Homework Answers
for 40 years"
| prinipal loan amount P = | 50000 | ||
| interest per period i= | 0.01 | ||
| number of period n= | 480 | ||
| Periodc monthly payment A = Pi/(1-(1+i)-n)= | 504.25 | |||
(for 20 years, this would be : 550.54)
for 40 years percentage of the total paid that is interest is =(504.25*480-50000)*100/(504.25*480)= 79.34 %
( 20 years percentage of the total paid that is interest is =(550.54*240-50000)*100/(550.54*240)= 62.16 %)
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Suppose you have a student loan of $50000 with an APR of 12%
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