Angelica Reardon received a 4-year non-subsidized student loan of $15,000 at an annual interest rate of 6.8%. What are Angelica's monthly loan payments for this loan after she graduates in 4 years? (Round your answer to the nearest cent.)

Q: On the day you entered college, you borrowed $30,000 from your local bank. The terms of the loan…

A: The computation of total interest is done as shown:

Q: Miss Clare Jarrett just closed a loan of $400 000 to assist with the purchase of equipment and…

A: Loan Amount = $400,000 Time Period = 5 Years Interest Rate = 8%

Q: Briana received a 10-year subsidized student loan of $26,000 at an annual interest rate of 4.125%.…

A: In student loan, loan payment is deferred till completion of studies but interest gets due for same…

Q: Jeffery received a 6 year non subsidized student loan of 32,000$ at an annual interest rate of 5.1%.…

A: Loan Amount is $32,000 Annual Interest rate is 5.1% Loan payment will start after 4 year Loan Type…

Q: Rhett is about to begin college (4-year) and has received a 10-year $7,500 Federal Direct…

A: Annuity refers to series of annual payment which is paid or received at start or ending of specific…

Q: Jeffery wei received a 6 year non subsidized student loan of 30,000$ at an annual interest rate of…

A:

Q: Suppose that you borrow $5500 for your first year and $6500 for your second year (the maximum…

A: An accrued interest is an interest which interest has due on the principal amount and has to be paid…

Q: Angelica Riordan received a four year non-subsidized student loan of $15,000 at an annual interest…

A: Equated monthly payments It is a monthly fixed payment given by the borrower to the lender on the…

Q: Melissa Hernandez received an 8-year subsidized student loan of $24,000 at an annual interest rate…

A: Present Value of the Loan (pv) = $24,000Interest Rate (rate) = 4.1%Time Period of Interest not Paid…

Q: Upon graduation, Terrence purchases a home theatre system through financing $5,000 by his credit…

A: Repaying a credit card bill: A charge on the credit card bill does not carry any interest if the…

Q: Dagmar has a 4-year car loan at an annual interest rate of 4.5%. She has made 28 payments of…

A: Pay-off amount: The amount which satisfies all the terms of the loan and completely write-off the…

Q: Pat receives a series of four annual federally subsidized student loans, each for  $5800  at  6.6%…

A: federally subsidized student loans Four annual federally subsidized loan = $5800 (each) Rate = 6.6%…

Q: Jeffrey Wei received a 6 year non-subsidized student loan of $30,000 at an annual interest rate of…

A: Present Value = $30,000 Interest Rate = 5.9% Time Period= 6 Years Loan Start after 4 Years

Q: Flo East has $25,000 to invest in a financial institution for a period of three years. Institution A…

A: Explanation : When we are calculating the Compounded Interest calculation Monthly Compounding…

Q: Suppose that you take out a federal direct loan on September 1 before your senior year for $7500…

A: Grace period is the period in which the borrower is not required to pay the interest on loan. In…

Q: William recently graduated from NFA University. While at NFA, William took out 4-23 a $50,000…

A:

Q: Larry has decided to take out a loan for college. He expects to graduate 5 years and 6 months later…

A: Interest rate is the rate of interest earned/paid on an investment/loan. The interest will be paid…

Q: Melissa Hernandez received an 8 year subsidized student loan of $26,000 at an annual interest rate…

A: The loan has been paid after completing one year of graduation, so first, compute the future value…

Q: Jeffery Wei received a 7-year non-subsidized student loan of $31,000 at an annual interest rate of…

A: Student Loans: Direct Student Loans fall into two categories - subsidized loans and non-subsidized…

Q: During four years of college, Nolan MacGregor's student loans are $4,000, $3,500, $4,400, and $5,000…

A: “Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…

Q: While in college, Ellen received $40,000 in student loans at 8% interest. She will graduate in June…

A: An Annuity is a series of payments of fixed amounts and at fixed intervals. These can be of two…

Q: Ma. Nochna Pula borrowed $10,000 at 6% annual compound interest. She agreed to repay the loan with…

A: Annual payment can be calculated using the present value of annuity formula. Present value of…

Q: Ms. C took a loan of $150,000 at a rate of 7 percent. She can pay equal installments of $25,000 at…

A: The number of years over which she can repay the loan amount can be calculated using the NPER…

Q: A student borrowed P50,000 she he was freshmen in college to finance his education expenses. He is…

A: Loan amount (PV) = P50,000 Interest rate (r) = 10% Period (n) = 5 Years

Q: A civil engineering student borrowed P40,000 to meet college expenses during his senior year. He…

A: We need to find the future value at the end of 3 years then use pmt function to calculate equated…

Q: Mary, a college student, needs to borrow $8,000 today for her tuition. She agrees to pay back the…

A: This question is about calculating the future value. Formula: Future value = Initial amount*(1+…

Q: Kris borrows some money in her senior year to buy a new car. The car dealership allows her to defer…

A: A deferred annuity is the annuity plan under which payment is accumulated for a certain period and…

Q: Kathy borrows $10,000 from the bank. For a four year loan, the bank requires annual end of year…

A: Present value of annuity = annual payment * [(1-((1+r)^-n)] /r

Q: You borrowed $5,000 to finance your educational expenses at the beginning of your junior year of…

A: The regular or lump-sum amount that is received or paid after a specific time period rather than…

Q: While Kate was a student at SA University, she borrowed $16,000 in student loan at an annual…

A: The concept of the present value implies that the money today is  having more worth  than the money…

Q: Samuel Ng received a 3-year subsidized student loan of $15,000 at an annual interest rate of 4%.…

A: Given that: Loan Amount (A)= $15000 Time(t)= 3 years Number of payments per year (n)= 12 Annual…

Q: When Mary had 4 years left in college, she took out a student loan for $15,110. The loan has an…

A: Loan Amount = 15,110 Time Period in college = T = 4 years Time Period for loan repayment = N = 36…

Q: Theresa borrowed $7258.00 compounded monthly to help finance her education. She contracted to repay…

A: Given:

Q: Sandra borrows $25, 000 from her parents to help pay college expenses. She agrees to repay the loan…

A: Given: Loan amount “PV” = $25000 Interest rate “r” = 3%/12 (compounded convertible) End of month…

Q: Gabrielle obtained a business loan of $245,000.00 at 4.03% compounded semi-annually, how much should…

A: Loans are paid by the periodic payments that carry the payment for interest and payment for…

Q: Derrick recently graduated. He owes $17,525 in student loans with APR of 4.6% compounded monthly. He…

A: As per our guidelines, we are supposed to answer only 3 sub-parts (if there are multiple sub-parts…

Q: Samuel Ng received a 3-year subsidized student loan of $12,000 at an annual interest rate of 5%.…

A: Computation of monthly loan payments:

Q: Angelica Riordan received a five-year non-subsidize student loan of $19,000 at an annual interest…

A:

Q: Jeffery Wei received a 6-year non-subsidized student loan of $31,000 at an annual interest rate of…

A: Excel Spreadsheet: Excel Workings:

Q: To help pay for an estimated $35000 in college expenses, parents make a deposit into a college fund…

A: The question is based on the concept fixed periodic payment to accumulate a desirable fund in…

Q: You owe $32,000 to your parents for funding some of your college fees. You promise to make 5 annual…

A: In the given question we require to calculate the interest rate parents are charging on borrowing of…

Q: mount saved on interest

A: Amortized loan refers to the amount of loan which requires regular monthly payments. Every payment…

Q: Ms Smith borrows 5000 at 5% annual effective interest, with payments at end of each year. The lender…

A: A loan amortization table is the schedule of loan repayment which includes the bifurcation of the…

Q: A chiropractic student receives a 10-year PLUS Loan for $50,000 to complete the last 2 years of the…

A: Loan (L) = $50000 n = 10 years = 120 months r = 5.48% per annum = 0.45667% per month Let the monthly…

Q: Timmy borrows $10,000 and agree to make annual payments for five years (beginning one year after…

A: Present value denotes the present worth of money by discounting the future cash flows whereas future…

Q: Jeffery Wei received a 7-year non-subsidized student loan of $30,000 at an annual interest rate of…

A: Given: Loan = $30000, interest Rate =5.8% , year =7  Monthly loan payments can be calculated using…

Q: Norm Legend has been awarded a scholarship from Canmore College. For the next 4 years, he will…

A: Quarterly payment (P) = $ 4400 Interest rate = 7% Quarterly interest rate (r) = 7%/4 = 1.75% Period…

Q: mary, a college student, needs to borrow $8000 today for her tuition. She agrees to pay back the…

A: Loan is referred as the amount of fund is given to a party in exchange of repayment of principal…

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.