Question: A Student borrows $15,000 per year for 4 years. The minimum required payment plan is monthly for 15 years. After graduation, the weighted average interest

A Student borrows $15,000 per year for 4 years. The minimum required payment plan is monthly for 15 years. After graduation, the weighted average interest rate is 5%. If you pay an extra $100 per month in addition to the minimum monthly payment, how many months will you need to pay off the loan? Round your answer up? Example: 16.2 months should be entered as 17. _____Answer

A Student borrows $15,000 per year for 4 years. The loan has a 15-year minimum monthly payment plan for repayment. After graduation, the weighted average interest rate is 5%. If you pay an extra $100 per month in addition to the minimum monthly payment, how much will you pay back in total? Do not use comma separators in your answer. Example: $10,000 would be entered as 10000: Solve for the number of periods before multiplying by the total payment. Enter your answer as a positive number. _____Answer

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

"Describe the contemporary image of a child in the early years in Australia" e.com/courses/1076/assignments/6089 1. Studying Your Early Years Degree (week 1 prescribed resource) 2. The Early Years...

Please see the attached file for the fifty multiple choice questions. 1. A precondition for effective capital budgeting requires having: A) B) C) D) 2. A clearly defined mission A well-defined...

:Help me with the following questions. Suppose that the depreciation rate increases. In the Solow growth model, determine the effects of this on the quantity of capital per worker and on output per...

first 3 questions of the last pic need answered. any help would be appreciated! *Update. problem 3d is the main concern! if you could concentrate your effort on this, that would be great! If New...

PART B: Buy or Lease? (30 marks ) Here's the scenario: you have $1900 in savings and you need a car. You qualify to either buy or lease a car, for a term of four years. You've gathered the following...

PART B: Buy or Lease? (30 mark Here's the scenario: you have $1900 in savings and you need a car. You qualify to either buy or lease a car, for a term of four years. You've gathered the following...

Need help with assignment. Can you help? I don't understand the assignment. ACCT 311 - SPRING 2016 Final Exam 1. XYZ Company sells appliance service contracts agreeing to repair appliances for a...

1 . The repair costs for some handheld equipment are estimated to be $120 the first year, increasing by $30 per year in subsequent years. The amount a person needs to deposit into a bank account...

1.Calculating OCF Ranney, Inc., has sales of $14,900, costs of $5,800, depreciation expense of $1,300, and interest expense of $780. If the tax rate is 40 percent, what is the operating cash flow, or...

Air, =1.2 kg/m3 and = 1.8E5 kg/ms, flows at 10 m/s past a flat plate. At the trailing edge of the plate, the following velocity profile data are measured: y, mm: 0 0.5 1.0 2.0 3.0 4.0 5.0 6.0 u, m/s:...

The fairness of financial statements and the adequacy of internal controls are judged only by reference to pre-established criteria. What serves as the criteria to judge the fairness of financial...

3. Which of the following should not be used to evaluate the performance of a plant manager in a decentralized organization? a. Direct labor expense in the plant. b. Depreciation expense on equipment...

10) For a bond that pays cash interest (i.e., not a zero coupon bond), YTM is (a) always equal to the coupon rate (b) always equal to the current yield (c) is always less than the coupon rate (d) can...

C Do you think that shows like CSI have an ethical responsibility to depict forensic science more realistically? Or is it the audiences responsibility to separate entertainment from reality?

A Do you watch shows like CSI, Bones, and Cold Case? How realistic do you think they are? Does popular culture have an impact on how individuals perceive evidence? Would it affect you if you were on...

A Consider what youve learned from your research. Is it more important to be honest and truthful with your audience, to honor the wishes of the condo association board who asked you to speak, or to...