Nicholas has the option of a 10-year nonsubsidized student loan of $27,000 at an annual interest...
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Nicholas has the option of a 10-year nonsubsidized student loan of $27,000 at an annual interest rate of 2% or a 10-year subsidized student loan of $27,000 at an annual interest rate of 3%. Determine for which loan Nicholas will pay less interest over the term of the loan if he starts making monthly payments 4 years after obtaining the loan. The interest paid on the nonsubsidized loan is $ loan. ---Select--- The interest paid on the subsidized loan is $ Therefore, Nicholas pays less interest on the Nicholas has the option of a 10-year nonsubsidized student loan of $27,000 at an annual interest rate of 2% or a 10-year subsidized student loan of $27,000 at an annual interest rate of 3%. Determine for which loan Nicholas will pay less interest over the term of the loan if he starts making monthly payments 4 years after obtaining the loan. The interest paid on the nonsubsidized loan is $ loan. ---Select--- The interest paid on the subsidized loan is $ Therefore, Nicholas pays less interest on the
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