You are repaying your student loans which were $$30,000$ when you started school to cover any costs of your room and board to supplement your scholarships. You took $4$ years and $4$ months to graduate. During that time, you did not make any payments on the loan and it accrued interest of $3\mathrm{.}8\%$ compounded monthly.

A$)$ When you graduate how much do you owe on the loan?

B$)$ Student loans have a grace period of $6$ months after you graduate. Meaning you do not have to make payments for $6$ months while you get started in your new career. If you do not make any payments for $6$ months after you graduate. How much will you owe when you start making payments?

C$)$ How much will your monthly payments be for $10$ years to pay off your student loan if you do not make your first payment until $6$ months after you graduate?

Answer rating: 100% (QA)

A To calculate the amount owed on the loan when you graduate we can use the formula for compound interest A P1 rnnt Where A the amount of money accumu... View the full answer