Suppose that you owe $20,000 when you graduate from college. Your Direct Subsidized loan has an annual

Fantastic news! We've Found the answer you've been seeking!

Question:

Suppose that you owe $20,000 when you graduate from college. Your Direct Subsidized loan has an annual interest rate of 4.45%. If you want to pay back the entirety of your loan in ten years, what would be your total payment per month?

(hint: don’t forget to change the annual rate to a monthly rate for your calculation).

Related Book For answer-question

Microeconomics

ISBN: 978-1259163531

1st edition

Authors: Dean Karlan, Jonathan Morduch

See More Books

Posted Date: Feb 26, 2024 04:05 AM

See More Questions

For each problem, show your work steps. A correct answer with no work shown gets half credit (which means you fail the assignment). An incorrect answer with no work receives 0 credit. With time value...
Bill and Fiona Russell have always enjoyed craft beer, and in recent years have started making small batches at home. As they experimented, they mastered several niche recipes including a key lime...
"A bank makes a 30 year Fully Amortizing FRM for $1,000,000 at an annual interest rate of 4.13% compounded monthly, with monthly payments. What is the market value of this loan after 7 years of...
A long, slender bar in the shape of a right circular cone with length L and base diameter d hangs vertically under the action of its own weight (see figure). The weight of the cone is W and the...
1. What does the restaurant scenario presented above have to do with contingency leadership? 2. In what way might Jessica and the supervisors modify their leadership styles to adapt to the...
Will the Uppsala Internationalization Model be useful or relevant in 30 years? What do you think?
Consider the gasoline mileage performance data in Table B.3. a. Use the all-possible-regressions approach to find an appropriate regression model. b. Use stepwise regression to specify a subset...
Water is to be pumped from a lake to a ranger station on the side of a mountain (see figure). The flow rate is to be 95gal/mm, and the flow channel is a standard 1-in. Schedule 40 steel pipe (ID =...
how do individual and collective cognitive biases influence the trajectory of organizational change endeavors, and what bespoke interventions can be implemented to mitigate resistance, cultivate...
On January 1. Ruiz Company issued bonds as follows: Face Value: Number of Years: Stated Interest Rate: Interest payments per year 500,000 15 7% Required: 1) Calculate the bond selling price given the...
Reflect on where your academic journey has taken you, and where you want to go in your professional career in accounting. How will you use the knowledge and skills you gained while participating in...
Which of the following are events? (a) The local television station's newscast runs from 11:00 to 11:30 p.m. (b) The ceremonial first pitch is thrown at a baseball game in Omaha, Nebraska. (c) The...
Two elementary particles pass each other moving in opposite directions, each moving at speed $0.800 c_{0}$ relative to Earth. What is the speed of one particle relative to the other?
Alarm clock 1 is positioned at $x=-d$ and alarm clock 2 at $x=+d$ in reference frame $\mathrm{A}$. According to a clock in reference frame $\mathrm{A}$, both go off at $t=0$. An observer in...
Angular momentum can be represented as a vector product and interpreted in terms of the rate of change of an area with respect to time. Give a similar interpretation of another vector product:...
What is the internal energy of an electron moving at $0.750 c_{0}$ in the Farth reference frame?
Production estimates for July are as follows: Estimated inventory (units), July 1 Desired inventory (units), July 31 Expected sales volume (units), July 725 1,200 7,500 For each unit produced 4 hours...
A 2500-lbm car moving at 15 mi/h is accelerated at a constant rate of 15 ft/s 2 up to a speed of 50 mi/h. Calculate force and total time required?
In Figure 9P-1, what is the dominant strategy for Player A? What is the dominant strategy for Player B? Player B Strategy 1 Strategy 2 -2 -2
The local government has decided that because childrens health has large external benefits, it will offer a subsidy to help families pay for visits to the pediatrician. However, the government isnt...
Calculate the following values using Figure 17P-1, which shows domestic supply and demand for steel in the United States under autarky. a. What is the equilibrium price and quantity of steel under...
The following data sets give the approximate lengths of Beethovens nine symphonies and Mahlers nine symphonies (in minutes). Beethoven: Mahler: 28 36 50 33 30 40 38 26 68 52 85 94 50 72 72 80 90 80
At the Web sites of the American Lung Association and the U.S. Environmental Protection Agency, find statistical data concerning the health effects of secondhand (passive) smoke. Write a short...
You manage a small ice cream shop in which your employees scoop the ice cream by hand. Each night, you total your sales and the total volume of ice cream sold. You find that on nights when an...

Suppose that you owe $20,000 when you graduate from college. Your Direct Subsidized loan has an annual

Question:

Expert Answer:

To calculate the monthly payment for your loan you can use the following formula monthlypayment loan... View the full answer

Microeconomics

Students also viewed these finance questions