Melissa Hernandez received an 8-year subsidized student loan of $24,000 at an annual interest rate of 4.1%. What are Melissa's monthly loan payments for this loan when she graduates in 1 year? (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: Joan Tanaka borrows $80,000 at 14 percent interest toward the purchase of a vacation home.Her…

A: Given: Loan amount = $80,000 Interest rate = 14% Years = 25

Q: John Doe has just been offered a home loan towards purchase of house that is being sold for…

A: Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

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: Taylor Swift, a college student of USEP decides to get a student loan amounting to $4,000 with an…

A: Amortized Loan:  Amortized loan is a type of loan in which the borrower would pay periodic payments…

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

A:

Q: Georgia applied for a home mortgage of 75,000 to finance the purchase of a new home for 30 years.…

A: Loan amount (PV) = 75,000 Annual interest rate (r) = 14% Number of annual payment (n) = 30

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: Sandy Kupchack just graduated from State University with a bachelor's degree in history. During her…

A: In the given question, the amount is to be paid quarterly. Therefore, the effective rate to be used…

Q: A student graduates from college with 48000 in student loans with a 5.5% annual simple interest…

A: In the given question we require to calculate the amount of loan due after the first payment.…

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: Natasha is going to take out an unsubsidized student loan of $13,500 at a 4.2% APR, compounded…

A: An unsubsidized student loan is a loan on which interest starts accruing the day money is deposited…

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: kaye's housing loan worth 810,000 for 5 years was approved by the bank with an interest rate of 8%…

A: A loan refers to the amount of money taken by an individual from the lender by the borrower in case…

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

A:

Q: ictor received an 8-year subsidized student loan of $22,000 at an annual interest rate of 4.85%. If…

A: The question gives the following information:

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: ) Nancy takes out a 22-year home loan. She makes equal month-end repayments including the principal…

A: Loans are paid by the equal monthly installment and these carry the payment for interest rate and…

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: James received a 15 year loan of $230,000 to purchase a house. The interest rate on the loan was…

A: Working Note #1 Loan amount ($) 230000 N (years) 15 Period 180 Rate(Compounded annually)…

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: Greg Brown borrowed $100,000 to purchase a house. He agreed to repay the loan with equal monthly…

A: Installment amount is the number of periodic payments necessary to repay a loan.…

Q: at a 4.29% interest rate. Suppose that each loan begins on September 1 of its year, that you finish…

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

Q: Jackson has a loan that requires a $16,600 lump sum payment at the end of four years. The interest…

A: The amount borrowed today can be computed using the present value function.

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: Taylor Swift, a college student of USeP decides to get a student loan amounting to $4000 with an…

A: Given, The loan amount is $4000 Rate is 5% compounded monthly Monthly payment is $250

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

A: Initial amount is $8,000, Number of years is 4, Interest rate is 3.85%

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

A: Given:

Q: Sandy Kupchack just graduated from State University with a bachelor’s degree in history. During her…

A:

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: he annual interest rate on the loan is

A: Interest Rate: It is the rate used to compute the finance charge paid by the borrower for taking a…

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: Angelica Reardon received a 4-year non-subsidized student loan of $15,000 at an annual interest rate…

A: Monthly Payment could be computed using the following formula: PV=PMT1-1+i-ni

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: If a student makes monthly deposits of $1,000 into an account with a nominal annual interest rate of…

A: Monthly deposit = 1,000 Annual Interest Rate  = 4.5% compounded Quarterly, this means monthly…

Q: If Martha borrowed $22,000 from Wachovia Bank at 7.5 percent interest for 3 years, the principal…

A: Face value of loan will be present value of loan.

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: Ali deposits BD 2,500 in a savings account that pays interest at the rate of 5.5% per year,…

A: Given information : Deposits 2500 Interest rate 5.50% Time period (years) 14 The given…

Q: Jonathan wishes to borrow $180 000 from a commercial bank. He was told that the loan would be…

A: Loan amortization:  The schedule of periodic payments for a loan is known as loan amortization, and…

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…