Jefferson qualifies for an income-adjusted monthly payment of $485. If Jefferson has a subsidized student loan...

Jefferson qualifies for an income-adjusted monthly payment of $485. If Jefferson has a subsidized student loan of $46,000 at an annual interest rate of 4% (compounded monthly), how many months are required to repay the loan? (Round your answer up to the nearest month.) You must use technology to solve this problem.

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jeff jeffy answered 3 months ago

The monthly payment on a loan may be calculated by the following formula: Payment = Rate *...

The monthly payment on a loan may be calculated by the following formula: Payment = Rate * (1 + Rate)N ((1 + Rate)N -1) Rate is the monthly interest rate, which is the annual interest rate divided by 12. (12 percent annual interest would be 1 percent monthly interest.) N is the number of payments, and L is the amount of the loan. Write a program that asks for these (Input) values then displays a report similar to: Loan Amount: $...

The monthly payment for a given loan pays the principal and the interest. The monthly interest...

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Compute the monthly payment for a $133,440 home loan. The stated interest of the loan is...

Compute the monthly payment for a $133,440 home loan. The stated interest of the loan is 5% with monthly payments. The loan amortization is over 25 years.

A student graduates with a total loan balance of $30,000 in a single loan with monthly...

A student graduates with a total loan balance of $30,000 in a single loan with monthly payments for a term of 10 years at 7% APR interest rate. What is the monthly payment for this loan? What will the unpaid balance be after 5 years?

Angelica Reardon received a 5-year non-subsidized student loan of $15,000 at an annual interest rate of...

Angelica Reardon received a 5-year non-subsidized student loan of $15,000 at an annual interest rate of 6.7%. What are Angelica's monthly loan payments for this loan after she graduates in 4 years? (Round your answer to the nearest cent.)

What will be the monthly payment on a loan of $602, amortizedover 29 years ,...

What will be the monthly payment on a loan of $602, amortized over 29 years , at an annual interest rate of 9%

Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan...

Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using the APR table, Table 13-1. (Round your answers to the nearest cent.) Amount Financed Number of Payments APR Table Factor Finance Charge Monthly Payment $9,400 36 13% $ $ $

An loan is paid in 3 years with monthly payment starting one month after the loan...

An loan is paid in 3 years with monthly payment starting one month after the loan is made. The payments are 540 each in the first year, and 900 per month in the second year, and 700 each in the last year. Interest is at a nominal rate of 7.8 percent convertible monthly. What is the outstanding balance after the 15th payment. Keep 4 decimal places only.

Discuss: adjusted monthly income and the probability of mortgage approval.

Using the ENGR 315 Automobile Loan Payment Calculator posted, calculate the monthly payment required for a...

Using the ENGR 315 Automobile Loan Payment Calculator posted, calculate the monthly payment required for a 60-month new automobile loan made by the lender at 4.74% annual percentage rate (APR) if the car buyer borrowed $35,742. Save the resulting Excel spreadsheet file, as a PDF, presenting your payment calculations

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