Loans took out to complete undergraduate degree : subsidized direct 3,250 subsidized direct 4,100 subsidized direct. 700
Question:
Loans took out to complete undergraduate degree :
subsidized direct 3,250
subsidized direct 4,100
subsidized direct. 700
Unsubsidized direct 2,000
subsidized direct. 2,750
subsidized direct. 5,000
assume the following your unsubsidized loan start collecting interest the day you take it out. You take out the unsubsidized loan on August 1, 2012 and you graduate on May 1 in 2014 your subsidized loans collect interest the day you graduate but the first payment for all the loans above is not due until six months after you graduate on November 1, 2014 also assume that the interest for all the loans above compound Daily you can forget about leap year.
1) Given all of this information answer the following on the first day that the payment is due November 1, 2014 how much interest to you oh above your initial principal or how much interest everyone's collect it up to this point before your first bill is even due
2) If the unsubsidized loan was 5000 how much would this have changed your total interest you in question number one note your principal is different in this question
3) If you wanted to pay off your loans in monthly payments starting on November 1, 2014 would calculating your monthly payment be as simple as taking your total in question number one the principal and interest and dividing by the number of months you want to pay off your loan and example if I wanted to pay the total amount of my loans off in five months to determine my monthly payment could I do total divided by five months equals monthly payment.
Expert Answer:
1 Total interest owed on Nov1 2014 is 63426 2 If the unsubsidized loan amount is 5000 t... View the full answer
