Taylor Swift, a college student of USeP decides to get a student loan amounting to $4000 with an annual interest rate of 5% compounded monthly. If Tay-Tay makes a monthly payment of $250, how much does she owe after four months?
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- mary, a college student, needs to borrow $8000 today for her tuition. She agrees to pay back the loan in a lump-sum payment upon graduationg, 4 years from today. The lender agrees to lending at a fixed 3.85% interest rate during the loan period. what the total cost of Mary's student loan?Mary, a college student, needs to borrow $8,000 today for her tuition. She agrees to pay back the loan in a lump-sum payment upon graduating, 4 years from today. The lender agrees to lending at a fixed 3.85% interest rate during the loan period. What is the total cost of Mary's student loan?Maria wants to attend Clarke University. She will need $90,000 eight years from today. Assume Maria's bank pays 6% interest compounded semiannually. What must Maria deposit today to have $90,000 in eight years? verify your answer.
- Solved Manually. Taylor Swift, a college student of USeP decides to get a student loan amounting to $4000 with an annual interest rate of 5% compounded monthly. If Tay-Tay makes a monthly payment of $250, how much does she owe after four months?Mary, a college student, needs to borrow $8,000 today for her tuition. She agrees to pay back the loan in a lump-sum payment upon graduating, 4 years from today. The lender agrees to lending at a fixed 3.85% interest rate during the loan period. What is the total cost of Mary's student loan? (Round your answer to 2 decimal places.)Megan takes out a car loan for $13,000. She intends to make monthly payments for 5 years to pay off her loan. If the bank charges her an annual interest rate of 4.2% computed monthly on the loan balance, how much will her monthly payments be?
- Angela Montery has a five-year car loan for a Jeep Wrangler at an annual interest rate of 5.7% and a monthly payment of $595.50. After 3 years, Angela decides to purchase a new car. What is the payoff on Angela's loan?Every two weeks, Betty makes a $287 payment toward a car loan whose annual rate is 4.5%. If she will be debt - free in 4-years, how much interest will she pay on this loan? Round your answer to the nearest dollar.Melissa Hernandez received an 8 year subsidized student loan of $26,000 at an annual interest rate of 4.1%. What are Melissa's monthly loan payments for this loan when she graduates in one year? (round your answer to the nearest cent)
- A student borrows $2500 from his uncle in order to finish school. His uncle agrees to charge him simple interest at the rate of 3.7% per year. Suppose that the student waits 3.7 years and then repays the entire loan. How much interest will he have to pay?Zoey Bettincourt gets a $400,000 loan for a townhouse. She secures a 5/1 ARM at an initial interest rate of 2.75%. Her initial monthly payment is $1,632.96. After 5 years, the interest rate on her loan changes to 3.5%. Calculate her new monthly payment (in dollars) in year 6 of the loan. (Round your answer to the nearest cent. Assume the length of the loan is 30 years.)You finance your college education with a student loan. Every month, you borrow $1,000 to pay for living expenses. While in college, you do not have to pay interest on the loan, nor do you need to pay back any loan principal. However, the interest accrues to your loan balance. Assume an annual interest rate of 6% on your student loan, what will be your loan balance when you graduate in four years (round your answer to the nearest dollar)? $52,495 None of these are correct $48,000 $54,098 50,880