Question: what are the steps to get the correct answer I= Prt 1 Section 2.6: Payout Annuity - Additional Practice You acquire a $15000 unsubsidized student

what are the steps to get the correct answer
what are the steps to get the correct answer I= Prt 1

I= Prt 1 Section 2.6: Payout Annuity - Additional Practice You acquire a $15000 unsubsidized student loan at 43% interest. You will graduate 4 years later. .042 a. How much simple interest accumulates while you in stil in school for an unsubsidized loan? 15,000 .043)(4) 2,580 interest C b. If you capitalized the loan, what will be the balance when you graduate? - 4 Gors 2,580 = interes z While in schod Balance 1817,580/= when 15000+25.80 15,000 = Unsubsidized sredent loan Graduate After you graduate, you will begin making payments on your loan at 6.8% compounded monthly for 10 years. What is the monthly payment for this loan? N-1210 n=12 1%=6.8 PV= 17,580 PM 01 Pha enrer " fv=0 P4-12 cy=12 d. How much interest will be paid for this loan/9,277,35 202.31 12 monthly payments e. Suppose that you decide not to capitalize the loan. What is the payment for this loan if it is compounded monthly at 6.8% for 10 years?' 72.62 f. How much interest will you pay if the loan is not capitalized? Be careful here! 8,244.46 8. What is the savings if you choose not capitalized over the capitalized loan? la B.89

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!