Rich is attending a 4 year college as a freshman he was approved for a 10 year federal unsubsized student loan in the amount of 7,900 at 4 29 he knows he has the option of beginning repayment of the loan in 4.5 he also knows that during this non payment time interest will accure at 4.29 suppose rich only paid the interest during his 4 years in school and the six months grace period what will he now pay in interest over the term of his loan

Rich is attending a 4 year college as a freshman he was approved for a 10 year federal unsubsized student loan in the amount of 7,900 at 4 29 he knows he has the option of beginning repayment of the loan in 4.5 he also knows that during this non payment time interest will accure at 4.29 suppose rich only paid the interest during his 4 years in school and the six months grace period what will he now pay in interest over the term of his loan

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter2: Income Tax Concepts

Section: Chapter Questions

Problem 37P

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Rich is attending a 4 year college as a freshman he was approved for a 10year federal unsubsized student loan in the amount of 7,900 at 4 29 he knows he has the option of beginning repayment of the loan in 4.5 he also knows that during this non payment time interest will accure at 4.29 how much interest will rich accure during the 4.5 year non payment period
Rich is attending a 4 year college as a freshman he was approved for a 10year federal unsubsized student loan in the amount of 7,900 at 4 29 he knows he has the option of beginning repayment of the loan in 4.5 years he also knows that during this non payment time interest will accure at 4.29 suppose that rich had decided to apply for a private loan rgather then a federal loan he is considering a 10 year loan with an interest rate of 5.9 determine his monthly payment what is the total amount he will pay back what is the total interest amount
Rich is attending a 4year college as a freshman he was approved for a 10 year federal unsubsized student loan in the amount of 7,900 at 4 29 he knows he has the option of beginning repayment of the loan in 4.5 year he also knows that during this non payment time interest will accure at 4.29 rich made his last monthly payment interest only payment on November 1st his next payment is due on December 1st whatvwill be the amount of that interest only payment
Rich is attending a 4 year college as a freshman he was approved for a 10 year federal unsubsized student loan in the amount of 7,900 at 4 29 he knows he has the option of beginning repayment of the loan in 4.5 years he also knows that during this non payment time interest will accure at 4.29 if rich decides to make no payments during the 4.5 years the interest will be capitalized at the end of that period what will the new principal be when he begins naking loan payments how much interest will he pay over the life of the loan
4) 1) Miguel is attending a 2-year college. As a freshman, he was approved for a 10-year, federal unsubsidized student loan in the amount of $3,100 at a 4.29%. He knows he has the option of beginning repayment of the loan in 2.5 years. He also knows that during this nonpayment time, interest will accrue at 4.29% a. How much interest will Miguel accrue during the 2.5-year nonpayment period? b. If no payments are made, what will the new principal be when he begins making loan payments? c. How much interest will he pay over the life of the loan?
Rhett is about to begin college (4-year) and has received a 10-year $7,500 Federal Direct Unsubsidized Loan with an interest rate of 6.4%. He will be required to begin making payments six months after graduation. If Rhett decides to capitalize the interest (which totals $2,160) from the time he receives the funds until he begins making payments in 4.5 years, how much total interest would he pay on this loan?
When Michael had 2 years left in college, he took out a student loan for $14,505. The loan has an annual interest rate of 7.8%. Michael graduated 2 years after acquiring the loan and began repaying the loan immediately upon graduation. According to the terms of the loan, Michael will make monthly payments for 10 years after graduation. During the 2 years he was in school and not making payments, the loan accrued simple interest. Answer each part. Do not round intermediate computations, and round your answers to the nearest cent. (a) If Michael's loan is subsidized, find his monthly payment. Subsidized loan monthly payment: _ (b) If Michael's loan is unsubsidized, find his monthly payment. Unsubsidized loan monthly payment: __
1) Miguel is attending a 4-year college. As a freshman, he was approved for a 10-year, federal unsubsidized student loan in the amount of $6,800 at an APR 4.29%. He knows he has the option of beginning repayment of the loan in 4.5 years. He also knows that during this nonpayment time, interest will accrue at 4.29% a) How much interest will Miguel accrue during the 4.5-year nonpayment period? b) If no payments are made, what will the new principal be when he begins making loan payments? c) How much interest will he pay over the life of the loan?
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Douglas needs to borrow $15,600 today for his tuition bill. He agrees to pay back the loan in a lump-sum payment five years from now, after he is out of college. He bank states that the payment will need to be $19, 683. If Douglas borrows the $15,600 from the bank, what interest rate is he paying on his loan?
Sean has taken out student loans to pay for college. He has borrowed $36,000 to cover tuition fees and agreed to pay the balance at a 4.68 % add-on rate for 8 years. What are his monthly payments and how much would he end up paying for his education if he kept the loan to term? Total amount to be repaid: Monthly payments:
When Joe had 2 years left in college, he took out a student loan for $13,425. The loan has an annual interest rate of 8.1%. Joe graduated 2 years after acquiring the loan and began repaying the loan immediately upon graduation. According to the terms of the loan, Joe will make monthly payments for 4 years after graduation. During the 2 years he was in school and not making payments, the loan accrued simple interest. Answer each part. Do not round intermediate computations, and round your answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) If Joe's loan is subsidized, find his monthly payment. Subsidized loan monthly payment: $ (b) If Joe's loan is unsubsidized, find his monthly payment. Unsubsidized loan monthly payment: $