You expect to graduate with $30,847 in student loans. The interest rate on your loan is 6.4 percent compounded monthly and the loan calls for fixed monthly payments. If you repay the loan in 21 years how much are you paying in total interest over the life of the loan? (HINT: you need to calculate the monthly payment first).
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You expect to graduate with $30,847 in student loans. The interest rate on your loan is 6.4 percent compounded monthly and the loan calls for fixed monthly payments. If you repay the loan in 21 years how much are you paying in total interest over the life of the loan? (HINT: you need to calculate the monthly payment first).
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- You want to invest $8,000 at an annual Interest rate of 8% that compounds annually for 12 years. Which table will help you determine the value of your account at the end of 12 years? A. future value of one dollar ($1) B. present value of one dollar ($1) C. future value of an ordinary annuity D. present value of an ordinary annuityUse the tables in Appendix B to answer the following questions. A. If you would like to accumulate $4,200 over the next 6 years when the interest rate is 8%, how much do you need to deposit in the account? B. If you place $8,700 in a savings account, how much will you have at the end of 12 years with an interest rate of 8%? C. You invest $2,000 per year, at the end of the year, for 20 years at 10% interest. How much will you have at the end of 20 years? D. You win the lottery and can either receive $500,000 as a lump sum or $60,000 per year for 20 years. Assuming you can earn 3% interest, which do you recommend and why?Suppose that after the 6-month grace period after you graduate college, you have $63,000 in student loan debt. If you plan on paying back your loans using the standard repayment plan, you will be paying your loans off in 10 years. You may assume an interest rate of 5.05% which will compound daily. In order to find your monthly payment, you will first need to find your daily payment since the interest is compounded daily. What is your daily payment? [Select] What is your monthly payment for a month with 30 days? [Select]
- You have an outstanding student loan with required payments of $500 per month for the next four years. The interest rate on the loan is 9.00% APR (monthly). You are considering making an extra payment of $200 today (i.e., you will pay an extra $200 that you are not required to pay). If you are required to continue to make payments of $500 per month until the loan is paid off, what is the amount of your final payment? What effective rate of retum (expressed as an APR with monthly compounding) have you eamed on the $200? (Note: Be careful not to round any intermediate steps less than six decimal places.) If you are required to continue to make payments of $500 per month until the loan is paid off, what is the amount of your final payment? The final payment is $ (Round to the nearest cent.)After graduation, you decide that you can pay $203.24 per month extra on your student loan ( standard monthly payment is 302.99), which has a balance of $50,000 and 20 years of monthly payments remaining. The annual interest rate on the loan is 4% How many years early will you be able to pay off the loan? Please answer in excel.You have just graduated and it is time to repay your student loans. Payments will be made monthly for 10 years at an annual interest rate of 5%. If your outstanding student loan balance is $20,000 what will be your monthly payment?
- You have an outstanding student loan with required payments of $500 per month for the next four years. The interest rate on the loan is 9% APR (monthly). You are considering making an extra payment of $200 today (that is, you will pay an extra $200 that you are not required to pay). If you are required to continue to make payments of $500 per month until the loan is paid off, what is the amount of your final payment? What effective rate of return (expressed as an APR with monthly compounding) have you earned on the $200? STER If you are required to continue to make payments of $500 per month until the loan is paid off, what is the amount of your final payment? The amount of your final payment is $ (Round to the nearest cent.) What rate of return (expressed as an APR with monthly compounding) have you earned on the $2007 Effective rate is%. (Round to the nearest integer.)You have an outstanding student loan with required payments of $500 per month for the next four years. The interest rate on the loan is 8% APR (monthly). You are considering making an extra payment of $150 today (that is, you will pay an extra $150 that you are not required to pay). If you are required to continue to make payments of $500 per month until the loan is paid off, what is the amount of your final payment? What effective rate of return (expressed as an APR with monthly compounding) have you earned on the $150?You have an outstanding student loan with required payments of $600 per month for the next 4 years. The interest rate on the loan is 9.50% APR (monthly). You are considering making an extra payment of $100 today (i.e., you will pay an extra $100 that you are not required to pay). If you are required to continue to make payments of $600 per month until the loan is paid off, what is the amount of your final payment? What effective rate of return (expressed as an APR with monthly compounding) have you earned on the $100? (Note: Be careful not to round any intermediate steps less than six decimal places.) If you are required to continue to make payments of $600 per month until the loan is paid off, what is the amount of your final payment? The final payment is $ (Round to the nearest cent.)
- You have an outstanding student loan with required payments of $500 per month for the next four years. The interest rate on the loan is 9% APR (monthly). You are considering making an extra payment of $100 today (that is, you will pay an extra $100 that you are not required to pay). If you are required to continue to make payments of $500 per month until the loan is paid off, what is the amount of your final payment? What effective rate of return (expressed as an APR with monthly compounding) have you earned on the $100? If you are required to continue to make payments of $500 per month until the loan is paid off, what is the amount of your final payment? The amount of your final payment is $ 356.86. (Round to the nearest cent.) What rate of return (expressed as an APR with monthly compounding) have you earned on the $100? Effective rate is%. (Round to the nearest integer.)You have an outstanding student loan with required payments of $500 per month for the next four years. The interest rate on the loan is 8% APR. You are considering making an extra payment of $150 today (that is, you will pay an extra $150 that you are not required to pay). If you are required to continue to make payments of $500 per month until the loan is paid off, what is the amount of your final payment? What effective rate of return (expressed as an APR with monthly compounding) have you earned on the $150? Now that you realize your best investment is to prepay your student loan, you decide to prepay as much as you can each month. Looking at your budget, you can afford to pay an extra $300 per month in addition to your required monthly payments of $500, or $800 in total each month. How long will it take you to pay off the loan?You have an outstanding student loan with required payments of 550 per month for the next four years. The interest rate on the loan is 10% APR (monthly). You are considering making an extra payment of $150 today (that is, you will pay an extra $150 that you are not required to pay). If you are required to continue to make payments of $550 per month until the loan is paid off, what is the amount of your final payment? What effective rate of return (expressed as an APR with monthly compounding have you earned on the $150?
