upon graduating school you must repay $20,000 in student loans your interest rate is 6.8% how...

upon graduating school you must repay $20,000 in student loans your interest rate is 6.8% how much will your payment be if you make monthly payments over the standard 10 year payment term

Expert Solution

jeff jeffy answered 7 months ago

Suppose you took out $20,000 in student loans at a fixed Interest rate of 5% from...

Suppose you took out $20,000 in student loans at a fixed Interest rate of 5% from a bank. Assume that after you graduate 6 months, inflation rate rises unexpectedly from 3% to 6% as you are paying back your loans. Does the unexpected rise in the inflation rate benefit you in paying back your student loans? Why? Who is hurt more from this unexpected rise in the inflation rate in this case? The borrower(The Student) or the Lender(The bank)? Why?...

You expect to graduate with $44200 in student loans. The interest rate on your loan is...

You expect to graduate with $44200 in student loans. The interest rate on your loan is 4.8 percent compounded monthly and the loan calls for fixed monthly payments. If you repay the loan in 21 years how much are you paying in total interest over the life of the loan? (HINT: you need to calculate the monthly payment first).

Suppose you borrow $20,000 at an annual rate of 6% and must repay it in 6...

Suppose you borrow $20,000 at an annual rate of 6% and must repay it in 6 equal installments at the end of each of the next 6 years. How much will you still owe at the end of the second year, after you make the second payment?

Assume you graduate from college with $32,000 in student loans. If your interest rate is fixed...

Assume you graduate from college with $32,000 in student loans. If your interest rate is fixed at 4.60% APR with monthly compounding and you repay the loans over a 10-year period, what will be your monthly payment?

If you borrow $20,000, you have to repay in equal instalments over four years. Interest Rate...

If you borrow $20,000, you have to repay in equal instalments over four years. Interest Rate is 9%. What is the interest payment in the fourth year, 14. a) 1499 b)1171 c)510 d)977 e)1406 f)814

Bob has $7938 in student loans to repay, starting a year from now. The loan interest...

Bob has $7938 in student loans to repay, starting a year from now. The loan interest rate is 5%. If he repays $1429 annually at the end of each year, how long will it be before the loan to paid off? Round to the nearest year.

Explain how managing your student loans (or personal loans and debt if you don’t have student...

Explain how managing your student loans (or personal loans and debt if you don’t have student loans) can contribute to personal financial success and growth.

After graduating you have 55,000 in student debt with an interest rate of 9% compounded annually....

After graduating you have 55,000 in student debt with an interest rate of 9% compounded annually. Assume an annual payment over the next 10 years to make the problem simpler. After making 2 years of payments, you attend a social event hosted by SOFI and are considering refinancing your debt. The new refinanced interest rate would be 4.5% over a new 10-year term. You are in the 25% tax bracket. How much are you saving after taxes in year 3...

Suppose Shin borrowed $70,000 on a student loan at a rate of 10% and must repay...

Suppose Shin borrowed $70,000 on a student loan at a rate of 10% and must repay it in 5 equal installments at the end of each of the next 5 years. a. Construct an amortization schedule. b. What is the annual interest expense for the borrower and the annual interest income for the lender during Year 4?

You owe $22,000 on student loans at an annual interest rate of 4.55% compounded monthly. You...

You owe $22,000 on student loans at an annual interest rate of 4.55% compounded monthly. You want to pay off the loan in 14 years. What will your monthly payments be? $ How much interest do you pay? $

Question