Question
In: Math
You borrow a total of $8,000 in student loans from two lenders.One charges 3.1% simple...
You borrow a total of $8,000 in student loans from two lenders. One charges 3.1% simple interest and the other charges 2.8% simple interest. You don't have to start making payments on either loan for4 years. When you begin making payments you owe a total of $962 in interest. How much did you borrow from each lender?
Assign your variables (1 pt)
Write a system of equations to model the situation. (2 pts)
Solve the system using substitution or elimination (4 pts)
Write a sentence that explains your solution, in context (1 pt)
Solutions
milcah answered 2 years agoRelated Solutions
Suppose that you plan to borrow $15,000 student loans to attend a university. You are considering...
Suppose that you plan to borrow $15,000 student loans to attend
a university. You are considering borrowing the loan from XYZ. XYZ
offers two options for the repayment of your loan. One is the
deferred repayment option and the other is interest repayment
option. The APR for the deferred repayment option is 3.75% and the
APR for the interest repayment option is 3.15%. You plan to finish
your undergraduate study in university within five years. The two
repayment options are...
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.
10. Your brother wants to borrow $8,000 from the Bank of Britannia and has asked if...
10. Your brother wants to borrow $8,000 from the Bank of
Britannia and has asked if you would guarantee the loan. Which of
the following statements is false? a. As guarantor you can use any
defense against the bank that your brother could use. b. The
defence of Non Est Factum (didn’t know the nature of the document
being signed) is not available in the case of guarantees. c. You,
as guarantor, may be relieved of your obligation if the...
You took out some student loans in college and now owe $15,000. You consolidated the loans...
You took out some student loans in college and now owe $15,000.
You consolidated the loans into one amortizing loan, which has an
annual interest rate of 6% (APR). Part 1 If you make monthly
payments of $200, how many months will it take to pay off the loan?
Fractional values are acceptable.
You currently have two loans outstanding: a car loan and a student loan. The car loan...
You currently have two loans outstanding: a car loan and a
student loan. The car loan requires that you pay $329 per month,
starting next month for 28 more months. Your student loan is
requires that you pay $145 per month, starting next month for the
next 119 months.
A debt consolidation company gives you the following offer: It
will pay off the balances of
your two loans today and then charge you $487 per month for the
next 41...
You currently have two loans outstanding: a car loan and a student loan. The car loan...
You currently have two loans outstanding: a car loan and a
student loan. The car loan requires that you pay $325 per month,
starting next month for 26 more months. Your student loan is
requires that you pay $87 per month, starting next month for the
next 38 months.
A debt consolidation company gives you the following offer: It
will pay off the balances of
your two loans today and then charge you $501 per month for the
next 45...
You currently have two loans outstanding: a car loan and a student loan. The car loan...
You currently have two loans outstanding: a car loan and a
student loan. The car loan requires that you pay $413 per month,
starting next month for 28 more months. Your student loan is
requires that you pay $89 per month, starting next month for the
next 75 months. A debt consolidation company gives you the
following offer: It will pay off the balances of your two loans
today and then charge you $508 per month for the next 37...
You currently have two loans outstanding: a car loan and a student loan. The car loan...
You currently have two loans outstanding: a car loan and a
student loan. The car loan requires that you pay $313 per month,
starting next month for 35 more months. Your student loan is
requires that you pay $133 per month, starting next month for the
next 115 months.
A debt consolidation company gives you the following offer: It
will pay off the balances of
your two loans today and then charge you $451 per month for the
next 45...
You are considering two loans. The terms of the two loans are equivalent with the exception...
You are considering two loans. The terms of the two loans are
equivalent with the exception of the interest rates. Loan A offers
a rate of 13.2 percent compounded monthly. Loan B offers a rate of
13.5 percent compounded semi-annually. Loan _____ is the better
offer because______.
A; the annual percentage rate is 13.2 percent and you will pay
less interest.
B; the effective interest rate is 13.96% and you will pay less
interest.
A; the interest is compounded more...
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?
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