Question
In: Finance
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 months, starting next month. If your investments earn 3.32% APR, compounded monthly, how much would you save or lose by taking the debt consolidation company’s offer? If you lose, state your answer with a negative sign (e.g., -25,126)
Solutions
jeff jeffy answered 2 years agoRelated Solutions
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 $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 currently have two loans outstanding: a car loan and astudent loan. The car loan...
You currently have two loans outstanding: a car loan and a
student loan. The car loan requires that you pay $316 per month,
starting next month for 26 more months. Your student loan is
requires that you pay $103 per month, starting next month for the
next 69 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 $475 per month for the next 43...
You have an outstanding student loan with required payments of $ 600 per month for the...
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 $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 $600 per month until the loan is paid off, what
is the amount of your final...
You have an outstanding student loan with required payments of $ 500 per month for the...
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 (compounded monthly). 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 $ 250 a month in addition to your
required monthly payments of $ 500 or...
you have an outstanding student loan with required payments of $550 per month for the next...
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. 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).
a. 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???...
You have an outstanding student loan with required payments of $500 per month for the next...
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 $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...
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.
You expect to graduate with $18,957 in student loans. Theinterest rate on your loan is...
You expect to graduate with $18,957 in student loans. The
interest rate on your loan is 7.3 percent compounded monthly and
the loan calls for fixed monthly payments. If you repay the loan in
30 years how much are you paying in total interest over the life of
the loan? (HINT: you need to calculate the monthly payment
first).You are excited to buy your first house. Based on your credit
history, the bank is willing to lend you money at...
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