1330 HW14 - Amortization X + C webassign.net/web/Student/Assignment-Responses/submit?dep=33726481&tags=autosave#Q13 chatgpt tech email > ttu bookstore My Shelf | Brytewa... 23. [0/2.26 Points] DETAILS PREVIOUS ANSWERS h Relaunch to update: MY NOTES This problem is a complex financial problem that requires several skills, perhaps some from previous sections. During four years of college, Nolan Ryan's student loans are $4,000, $3,500, $4,400, and $5,000 for freshman year through senior year, respectively. Each loan amount gathers interest of 1%, compounded quarterly, while Nolan is in school and 4%, compounded quarterly, during a 6-month grace period after graduation. (a) Complete the table. (Round your answers to the nearest cent. Store the whole value in you calculator.) Year Amount time = mt Payback --Select--- Senior $5000 × periods Junior $4400 2 X periods Sophomore $3500 3 × periods Freshman $4000 X periods $ (b) What is the loan balance (in dollars) at the end of Nolan's senior year? Assume the freshman year loan earns 1% interest for 3/4 year during the first year, then for 3 full years until graduation. Make similar assumptions for the loans for the other years. (Round your answer to the nearest cent.) $ (c) What is the loan balance (in dollars) after the grace period? Assume the freshman year loan earns 1% interest for 3/4 year during the first year, then for 3 full years until graduation. Make similar assumptions for the loans for the other years. (Round your answer to the nearest cent.) $ (d) After the grace period, the loan is amortized over the next 10 years at 4%, compounded quarterly. Find the quarterly payment (in dollars). (Round your answer to the nearest cent.) $ (e) Find the quarterly payment with the additional $90 added to each payment. (Round your answer to the nearest cent.) $ (f) If Nolan decides to pay an additional $90 per payment, how many payments will amortize the debt? (Round your answer to two decimal places.) payments (g) What amount (in dollars) should be added to the last payment to pay the loan in full? (Round your answer to the nearest cent.) $ (d) How much will Nolan save (in dollars) by paying the extra $90 with each payment? (Round your answer to the nearest cent.) $ Show My Work (Optional) ?

1330 HW14 - Amortization X + C webassign.net/web/Student/Assignment-Responses/submit?dep=33726481&tags=autosave#Q13 chatgpt tech email > ttu bookstore My Shelf | Brytewa... 23. [0/2.26 Points] DETAILS PREVIOUS ANSWERS h Relaunch to update: MY NOTES This problem is a complex financial problem that requires several skills, perhaps some from previous sections. During four years of college, Nolan Ryan's student loans are $4,000, $3,500, $4,400, and $5,000 for freshman year through senior year, respectively. Each loan amount gathers interest of 1%, compounded quarterly, while Nolan is in school and 4%, compounded quarterly, during a 6-month grace period after graduation. (a) Complete the table. (Round your answers to the nearest cent. Store the whole value in you calculator.) Year Amount time = mt Payback --Select--- Senior $5000 × periods Junior $4400 2 X periods Sophomore $3500 3 × periods Freshman $4000 X periods $ (b) What is the loan balance (in dollars) at the end of Nolan's senior year? Assume the freshman year loan earns 1% interest for 3/4 year during the first year, then for 3 full years until graduation. Make similar assumptions for the loans for the other years. (Round your answer to the nearest cent.) $ (c) What is the loan balance (in dollars) after the grace period? Assume the freshman year loan earns 1% interest for 3/4 year during the first year, then for 3 full years until graduation. Make similar assumptions for the loans for the other years. (Round your answer to the nearest cent.) $ (d) After the grace period, the loan is amortized over the next 10 years at 4%, compounded quarterly. Find the quarterly payment (in dollars). (Round your answer to the nearest cent.) $ (e) Find the quarterly payment with the additional $90 added to each payment. (Round your answer to the nearest cent.) $ (f) If Nolan decides to pay an additional $90 per payment, how many payments will amortize the debt? (Round your answer to two decimal places.) payments (g) What amount (in dollars) should be added to the last payment to pay the loan in full? (Round your answer to the nearest cent.) $ (d) How much will Nolan save (in dollars) by paying the extra $90 with each payment? (Round your answer to the nearest cent.) $ Show My Work (Optional) ?

College Algebra

7th Edition

ISBN:9781305115545

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter8: Sequences And Series

Section8.4: Mathematics Of Finance

Problem 1E: An annuity is a sum of money that is paid in regular equal payments. The __________ of an annuity is...

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