Question: You owe $ 2 9 , 0 0 0 on Student Loans at an interest rate of 4 . 4 % compounded monthly. You wanna

You owe $29,000 on Student Loans at an interest rate of 4.4% compounded monthly. You wanna pay off the loan in seven years. What will your monthly payments be and how much interest do you pay?

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!

Q:

You owe $26,000 on student loans at an interest rate of 3.85% compounded monthly. You want to pay off the loan in 12 years. a.) what will your monthly payments be? b.) how much interest do you pay?...

Q:

You owe $22,000 on student loans at an interest rate of 4.75% compounded monthly. You want to pay off the loan in 14 years. What will your monthly payments be? How much interest do you pay? You want...

Q:

s 32, Ann and Tom want to establish a fund for their grandson's college education. What I mp sum must they deposit at a 10% annual Interest rate, compounded monthly, in order to have $20,000 in the...

Q:

Download A Alternativ class. You must provide me with an Excel file that has 4 tabs. You may use the CH 17 Excel file as a basis for the file that you e-mail to me. The file should be e-mailed by...

Q:

You owe $16,000 on student loans at an interest rate of 4.7% compounded monthly. You want to pay off the loan in 9 years. What will your monthly payments be? How much interest do you pay? Question...

Q:

You owe $32,000 on student loans at an interest rate of 4.85% compounded monthly. You want to pay off the loan in 9 years. What will your monthly payments be? $ How much interest do you pay? $

Q:

You owe $24,000 on student loans at an interest rate of 4.75% compounded monthly. You want to pay off the loan in 9 years. What will your monthly payments be? How much interest do you pay

Q:

1) You are planning for your retirement and have decided the following: you will retire in 35 years and will make monthly deposits into your retirement account of $400 for the next 15years and then...

Q:

Task 1 Which amount is worth more at 10 percent, compounded annually: $2,000 in hand today or $3,500 due in 5 years? Task 2 While you were a student in college, you borrowed $12,000 in student loans...

Q:

questions are attached and needed help, Please let me know if you can help me? PLEASE SHOW YOUR WORK. 1) A SIX YEAR ANNUITY OF $8500 QUARTERLY PAYMENTS WILL BEGIN 9 YEARS FROM NOW. THE DISCOUNT RATE...

Q:

Numerous companies have established home pages on the Internet, for example, Hyatt Corporation (www.hyatt.com/corporate) and Four Seasons Hotels and Resorts (www. fourseasons.com).You may have...

Q:

1) Should all government services be privatized? Should any? If so, which ones 2) What are the potential advantages and disadvantages of privatizing correction services (prisons)? 3) What are the...

Q:

If all else were equal, which of the following interest rates would result in the largest present value? Group of answer choices 1 0 % 4 % 8 % 2 %

Q:

The spontaneous and induced predictors could be viewed as ordinal due to the grouping in the highest level. Refit the model using ordinal factors rather than numerical variables for these two...