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You estimate that you will have $56,500 in student loans by the time you graduate. The interest rate is 4.5 percent. If you want to have this debt paid in full within five years, how much must you pay each month?
Loans are paid by the equal monthly installments and these are paid by equal monthly payments and these payments carry the payment for interest and payment for loan also.
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- Suppose that after the 6-month grace period after you graduate college, you have $63,000 in student loan debt. If you plan on paying back your loans using the standard repayment plan, you will be paying your loans off in 10 years. You may assume an interest rate of 5.05% which will compound daily. In order to find your monthly payment, you will first need to find your daily payment since the interest is compounded daily. What is your daily payment? [Select] What is your monthly payment for a month with 30 days? [Select]You have a long-term goal of paying off your school loans in five years. You will graduate with a loan debt of $20,000 and an interest rate of 6%. How much will you need to pay each month to have the debt paid off in five years?You have an outstanding student loan with required payments of 550 per month for the next four years. The interest rate on the loan is 10% APR (monthly). You are considering making an extra payment of $150 today (that is, you will pay an extra $150 that you are not required to pay). If you are required to continue to make payments of $550 per month until the loan is paid off, what is the amount of your final payment? What effective rate of return (expressed as an APR with monthly compounding have you earned on the $150?
- You have an outstanding student loan with required payments of $500 per month for the next four years. The interest rate on the loan is 8% APR. You are considering making an extra payment of $150 today (that is, you will pay an extra $150 that you are not required to pay). If you are required to continue to make payments of $500 per month until the loan is paid off, what is the amount of your final payment? What effective rate of return (expressed as an APR with monthly compounding) have you earned on the $150? Now that you realize your best investment is to prepay your student loan, you decide to prepay as much as you can each month. Looking at your budget, you can afford to pay an extra $300 per month in addition to your required monthly payments of $500, or $800 in total each month. How long will it take you to pay off the loan?You have just graduated and it is time to repay your student loans. Payments will be made monthly for 10 years at an annual interest rate of 5%. If your outstanding student loan balance is $20,000 what will be your monthly payment?You have an outstanding student loan with required payments of $500 per month for the next four years. The interest rate on the loan is 9.00% APR (monthly). You are considering making an extra payment of $200 today (i.e., you will pay an extra $200 that you are not required to pay). If you are required to continue to make payments of $500 per month until the loan is paid off, what is the amount of your final payment? What effective rate of retum (expressed as an APR with monthly compounding) have you eamed on the $200? (Note: Be careful not to round any intermediate steps less than six decimal places.) If you are required to continue to make payments of $500 per month until the loan is paid off, what is the amount of your final payment? The final payment is $ (Round to the nearest cent.)
- You have an outstanding student loan with required payments of $500 per month for the next four years. The interest rate on the loan is 9% APR (monthly). You are considering making an extra payment of $100 today (that is, you will pay an extra $100 that you are not required to pay). If you are required to continue to make payments of $500 per month until the loan is paid off, what is the amount of your final payment? What effective rate of return (expressed as an APR with monthly compounding) have you earned on the $100? If you are required to continue to make payments of $500 per month until the loan is paid off, what is the amount of your final payment? The amount of your final payment is $ 356.86. (Round to the nearest cent.) What rate of return (expressed as an APR with monthly compounding) have you earned on the $100? Effective rate is%. (Round to the nearest integer.)You have an outstanding student loan with required payments of $500 per month for the next four years. The interest rate on the loan is 8% APR (monthly). You are considering making an extra payment of $150 today (that is, you will pay an extra $150 that you are not required to pay). If you are required to continue to make payments of $500 per month until the loan is paid off, what is the amount of your final payment? What effective rate of return (expressed as an APR with monthly compounding) have you earned on the $150?You have an outstanding student loan with required payments of $500 per month for the next four years. The interest rate on the loan is 9% APR (monthly). You are considering making an extra payment of $200 today (that is, you will pay an extra $200 that you are not required to pay). If you are required to continue to make payments of $500 per month until the loan is paid off, what is the amount of your final payment? What effective rate of return (expressed as an APR with monthly compounding) have you earned on the $200? STER If you are required to continue to make payments of $500 per month until the loan is paid off, what is the amount of your final payment? The amount of your final payment is $ (Round to the nearest cent.) What rate of return (expressed as an APR with monthly compounding) have you earned on the $2007 Effective rate is%. (Round to the nearest integer.)
- You have an outstanding student loan with required payments of $600 per month for the next 4 years. The interest rate on the loan is 9.50% APR (monthly). You are considering making an extra payment of $100 today (i.e., you will pay an extra $100 that you are not required to pay). If you are required to continue to make payments of $600 per month until the loan is paid off, what is the amount of your final payment? What effective rate of return (expressed as an APR with monthly compounding) have you earned on the $100? (Note: Be careful not to round any intermediate steps less than six decimal places.) If you are required to continue to make payments of $600 per month until the loan is paid off, what is the amount of your final payment? The final payment is $ (Round to the nearest cent.)You have an outstanding student loan with required payments of $600 per month for the next four years. The interest rate on the loan is 8% APR (monthly). You are considering making an extra payment of $200 today (that is, you will pay an extra $200 that you are not required to pay). If you are required to continue to make payments of $600 per month until the loan is paid off, what is the amount of your final payment? What effective rate of return (expressed as an APR with monthly compounding) have you earned on the $200? If you are required to continue to make payments of $600 per month until the loan is paid off, what is the amount of your final payment? The amount of your final payment is $ (Round to the nearest cent.)After graduation, you decide that you can pay $203.24 per month extra on your student loan ( standard monthly payment is 302.99), which has a balance of $50,000 and 20 years of monthly payments remaining. The annual interest rate on the loan is 4% How many years early will you be able to pay off the loan? Please answer in excel.