Consider the situation where someone takes out a loan for $30,000 to pay for college. Assume...
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 payment that is required in order to eventually pay off the loan?
(d) If the person wanted to pay off the loan in 4 years, how much should they pay each month?
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Consider the situation where someone takes out a loan for
$30,000 to pay for college. Assume...
A student takes out a college loan of $6000 at an annual percentage rate of 5%,...
A student takes out a college loan of $6000 at an annual percentage rate of 5%, compounded monthly. a. If the student makes payments of $800 per month, how much, to the nearest dollar, does the student owe after 4 months? Don't round until the end. Enter an integer or decimal number [more.. b. After how many months will the loan be paid off?
A man decides to pay $250 per month at 5%/a compounded monthly to pay off a...
A man decides to pay $250 per month at 5%/a compounded monthly to pay off a $25 000 loan. After 2 years, he is making a bit more money and decides to increase the monthly payment. If he pays $50 extra per month at the end of each 2-year period, how long will it take him to pay off the loan?
A student takes out a loan of $2000 at the beginning of each semester (semi-annually) for...
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.
A person has taken a loan for 30,000 dollars at 5% interest per year compounded daily....
A person has taken a loan for 30,000 dollars at 5% interest per year compounded daily. a) Make an equation showing how much the person pays per month & day. b) How much should the person pay per month to pay off the loan in 10, 20 and 30 years? How much interest does that person pay for 10, 20 and 30 years?
• 1) A new car is purchased and a $20,000 loan is taken. The loan is...
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Instructor-created question Question Help A student takes out a loan of $2,600 at the beginning of...
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...
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How long will it take to pay off a loan of $51 comma 000 at an annual rate of 9 percent compounded monthly if you make monthly payments of $800? Use five decimal places for the monthly percentage rate in your calculations. The number of years it takes to pay off the loan is nothing years. (Round to one decimal place.)
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Spencer takes out a home improvement loan for $30,000 at an interest rate of 5.5%. How...
Spencer takes out a home improvement loan for $30,000 at an interest rate of 5.5%. How much does he owe, and what is his monthly payment if he chooses the 6- year loan payment plan? Label your answer and round to the nearest cent, if needed, Hint: Consider using the simple interest formula. Paragraph Arial T - T TT T 3 (12pt) T T. Of Meshups HTML CSS Path: p Words:0 QUESTION S How much does Spencer save if he...
A student takes out a college loan of $6000 at an annual percentage rate of 5%, compounded monthly. a. If the student makes payments of $800 per month, how much, to the nearest dollar, does the student owe after 4 months? Don't round until the end. Enter an integer or decimal number [more.. b. After how many months will the loan be paid off?
A man decides to pay $250 per month at 5%/a compounded monthly to pay off a $25 000 loan. After 2 years, he is making a bit more money and decides to increase the monthly payment. If he pays $50 extra per month at the end of each 2-year period, how long will it take him to pay off the loan?
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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...
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