Huai takes out a $3700 student loan at 6.7% to help him with 2 years of community college. After finishing the 2 years, he transfers to a state university and borrows another $11,900 to defray expenses for the 5 semesters he needs to graduate. He graduates 4 years and 4 months after acquiring the first loan and payments are deferred for 3 months after graduation. The second loan was acquired 2 years after the first and has an interest rate of 7.1% . Find Huai's monthly payment when regular payments begin. Part: 0 / 3 0 of 3 Parts Complete Part 1 of 3 (a) Calculate the monthly payment on loan 1 (community college). Round your answer to two decimal places, if necessary. The monthly payment on loan 1 (community college) is $ . pt 2- find the total amont of interest accured on loan 2? pt 3- find the total amount of interest that wil accure?
Huai takes out a $3700 student loan at 6.7% to help him with 2 years of community college. After finishing the 2 years, he transfers to a state university and borrows another $11,900 to defray expenses for the 5 semesters he needs to graduate. He graduates 4 years and 4 months after acquiring the first loan and payments are deferred for 3 months after graduation. The second loan was acquired 2 years after the first and has an interest rate of 7.1% . Find Huai's monthly payment when regular payments begin. Part: 0 / 3 0 of 3 Parts Complete Part 1 of 3 (a) Calculate the monthly payment on loan 1 (community college). Round your answer to two decimal places, if necessary. The monthly payment on loan 1 (community college) is $ . pt 2- find the total amont of interest accured on loan 2? pt 3- find the total amount of interest that wil accure?
Chapter2: Income Tax Concepts
Section: Chapter Questions
Problem 37P
Related questions
Question
Huai takes out a
$3700
student loan at
6.7%
to help him with
2
years of community college. After finishing the
2
years, he transfers to a state university and borrows another
$11,900
to defray expenses for the
5
semesters he needs to graduate. He graduates
4
years and
4
months after acquiring the first loan and payments are deferred for
3
months after graduation. The second loan was acquired
2
years after the first and has an interest rate of
7.1%
. Find Huai's monthly payment when regular payments begin.
Part: 0 / 3
0 of 3 Parts Complete
Part 1 of 3
(a) Calculate the monthly payment on loan
(community college). Round your answer to two decimal places, if necessary.
1
|
The monthly payment on loan
1
$
|
|
pt 2- find the total amont of interest accured on loan 2?
pt 3- find the total amount of interest that wil accure?
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