Suppose Rich only paid the interest during his 4 years in school and the 6-month grace period.
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Suppose Rich only paid the interest during his 4 years in school and the 6-month grace period. What will he now pay in interest over the term of his loan?
Rich is attending a 4-year college. As a freshman, he was approved for a 10-year, federal unsubsidized student loan in the amount of $7,900 at 4.29%. He knows he has the option of beginning repayment of the loan in 4.5 years. He also knows that during this nonpayment time, interest will accrue at 4.29%.
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Related Book For
Financial Algebra Advanced Algebra With Financial Applications
ISBN: 9781337271790
2nd Edition
Authors: Robert Gerver, Richard J. Sgroi
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