Question

Will Fan & Medal

Answer 1

Imagine you each need to apply for an unsubsidized loan to pay for the costs of college. The loan has a fixed interest rate of 6.8% compounded monthly. The interest begins immediately, but payments are not required until six months after graduation. The loan must be paid off within 10 years after the deferment period. You must show your work on all of the following calculations, except where indicated.

1. Assuming it takes four years to graduate and no payments are made during the deferment period, what is the balance of the loan when it’s time to make the first payment?

B = $73,360 × (1 + 0.068 ÷ 12)12x10
B = $73,360 × (1 + 0.005)120
B = $73,360 × (1.0057)120
B = $73,360 × (1.9779)
B = $145,098.74

2. What monthly payment must be made to pay off the loan within 10 years? (You do not have to show your work here.)

Answer 2

@uri @Directrix @dan815 @TheSmartOne @shrutipande9 @eliassaab

Answer 3

I need help on the second question.

Answer 4

@andrewjordan833 @ahmeddakkak @BPDlkeme234 @Catch.me @eliassaab @dan815 @DaBreeze @frizzank @ganeshie8 @Gabylovesyou @hollandlife @thomaster @ShadowLegendX

Answer 5

Hello???

Answer 6

whats the loan amount ?