HomeworkLib
Question

Suppose that you owe $20,000 when you graduate from college. Your Direct Subsidized loan has an...

Suppose that you owe $20,000 when you graduate from college. Your Direct Subsidized loan has an annual interest rate of 4.45%. If you want to pay back the entirety of your loan in ten years, what would be your total payment per month?

(hint: don’t forget to change the annual rate to a monthly rate for your calculation).

business   finance   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Request Professional Answer

Request Answer!

We need at least 10 more requests to produce the answer.

0 / 10 have requested this problem solution

The more requests, the faster the answer.

Request! (Login Required)

All students who have requested the answer will be notified once they are available.
Know the answer?
Add Answer to:
Suppose that you owe $20,000 when you graduate from college. Your Direct Subsidized loan has an...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Similar Homework Help Questions

  • Part 1 Suppose a graduate student receives a non-subsidized student loan of $13,000 for each of...

    Part 1 Suppose a graduate student receives a non-subsidized student loan of $13,000 for each of the 4 years the student pursues a PhD. If the annual interest rate is 5% and the student has a 10-year repayment program, what are the student's monthly payments on the loans after graduation? (Round your answer to the nearest cent.) $____________ Part 2 Samuel Ng received a 3-year subsidized student loan of $12,000 at an annual interest rate of 5%. What are Samuel's...

  • subsidized loans 2010-2011-4.5% 2011-2012-3.4% 2012-2013-3.4% 2013-2014-3.86% and then unsubsidized 2012-2013 6.8% LAB...

    subsidized loans 2010-2011-4.5% 2011-2012-3.4% 2012-2013-3.4% 2013-2014-3.86% and then unsubsidized 2012-2013 6.8% LAB #5 Situation #1: Student Loans Show ALL your work for this situation, even writing down what you put into your calculator. The majority of your points will come from your work and your explanation (#3), not your answers. For this situation you are going to calculate how much interest you will have to pay on school loans given a set of situations. Do not round your calculations till...

  • A recent college graduate buys a new car by borrowing $20,000 at 7.2%, compounded monthly, for...

    A recent college graduate buys a new car by borrowing $20,000 at 7.2%, compounded monthly, for 4 years. She decides to pay $501 instead of the monthly payment required by the loan. (a) What is the monthly payment required by the loan? (Round your answer to the nearest cent.) How much extra did she pay per month? (Round your answer to the nearest cent.) (b) How many $501 payments will she make to pay off the loan? (Round your answer...

  • 72. Currently, you owe the bank $19,600 for a car loan. The loan has an interest...

    72. Currently, you owe the bank $19,600 for a car loan. The loan has an interest rate of 7.75 percent and monthly payments of $620. Your financial situation recently changed such that you can no longer afford these payments. After talking with your banker and explaining the situation, he has agreed to lower the monthly payments to $450 while keeping the interest rate at 7.75 percent. How much longer will it take you to repay this loan than you had...

  • Jefferson qualifies for an income-adjusted monthly payment of $485. If Jefferson has a subsidized student loan...

    Jefferson qualifies for an income-adjusted monthly payment of $485. If Jefferson has a subsidized student loan of $46,000 at an annual interest rate of 4% (compounded monthly), how many months are required to repay the loan? (Round your answer up to the nearest month.)

  • You took out some student loans in college and now owe $12,000. You consolidated the loans into one amortizing loan, whi...

    You took out some student loans in college and now owe $12,000. You consolidated the loans into one amortizing loan, which has an annual interest rate of 6% (APR). Attempt 1/5 for 10 pts. Part 1 If you make monthly payments of $200, how many months will it take to pay off the loan? Fractional values are acceptable.

  • You borrow $100,000 on a mortgage loan. The loan requires monthly payments for the next 30...

    You borrow $100,000 on a mortgage loan. The loan requires monthly payments for the next 30 years. Your annual loan rate is 4.25%. The loan is fully amortizing. What is your monthly payment? Round your answer to 2 decimal places. 2. You borrow $100,000 on a mortgage loan. The loan requires monthly payments for the next 30 years. Your annual loan rate is 4.25%. The loan is fully amortizing. What is your Month 1 interest payment? Round your answer to...

  • You estimate that you will owe $45,300 in student loans by the time you graduate. The...

    You estimate that you will owe $45,300 in student loans by the time you graduate. The interest rate is 4.25 percent. If you want to have this debt paid in full within ten years, how much must you pay each month? Your insurance agent is trying to sell you an annuity that costs $230,000 today. By buying this annuity, your agent promises that you will receive payments of $1,225 a month for the next 30 years. What is the rate...

  • You took out some student loans in college and now owe $12,000. You consolidated the loans...

    You took out some student loans in college and now owe $12,000. You consolidated the loans into one amortizing loan, which has an annual interest rate of 4% (APR). Attempt 1/5 for 10 pts. Part 1 If you make monthly payments of $200, how many months will it take to pay off the loan? Fractional values are acceptable.

  • Consider the following scenario. Suppose that you are in the market to buy a new $20,000...

    Consider the following scenario. Suppose that you are in the market to buy a new $20,000 car. You intend to take out a loan to pay for the car. The market interest rate is at 6% annually, i.e. this is the interest rate you would get from the bank. a. [3 pts] Consider the simple loan case. Suppose that the dealership allows you to pay the car off in four installments of $5,000, with each installment due once a year....

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT