Pat receives a series of four annual federally subsidized student loans, each for $570 at 6.8%. To
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- Pat receives a series of four annual federally subsidized student loans, each for $570 at 6.8%. To defray rising costs for her senior year, 3 years after acquiring the first loan she takes out a private student loan for $3900 at 7.7% interest with a term of 10 years and capitalizes the interest for her last year of college. She graduates 9 months after getting the private loan. Payments on all loans are deferred until 6 months after graduation.
- Find her monthly payment.
- (a) find the monthly payment of the federally subsidized loans. Round your answer to two decimal places if necessary. The monthly payment on the federally subsidized loan is $
- (b) find the monthly payment on the private loan.
- (c ) Find the total monthly payment for overall loans.
Related Book For
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
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