Question

Melissa Hernandez received an 8-year subsidized student loan of $24,000 at an annual interest rate of 4.1%. What are Melissa's monthly loan payments for this loan when she graduates in 1 year? (Round your answer to the nearest cent.)

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Finance

Related Finance Q&A

Find answers to questions asked by students like you.

Q: Suppose that due to high inflation, interest rates rise and pull the preferred stock's yield to 16.3...

A: Preferred stocks are issued to investors who receive a fix regular income on their investment. Prefe...

Q: Executives at XYZ Corporation realize that they have too much liquid assets. They want to use this c...

A: Calculation of Expected rate of Return and Standard Deviation of the each company using Excel: Expec...

Q: The past five monthly returns for PG&E are −3.47 percent, 4.63 percent, 4.07 percent, 6.92 perce...

A: The returns for previous five months are -3.47%, 4.63%, 4.07%, 6.92% and 3.88%.

Q: You purchase a home and secure a 30 year equal payment loan for $200,000 at a interest rate of 5.25%...

A: The number of months to stay will be around 6 months.

Q: Calculate the finance charge for a credit card that has the given average daily balance and interest...

A: Calculation of Finance Charge:The finance charge is $2.05.Excel Spreadsheet:

Q: Consider the following annual returns of Molson Coors and International Paper:    MolsonCoors Int...

A: The average return, standard deviation and coefficient of deviation are calculated to select the com...

Q: Figure 12.11 shows plots of monthly rates of return on three stocks versus the stock market index. T...

A: d)The following information is given by question:

Q: need help

A: Risk-free Rate = 5% or 0.05Expected Market Rate of Return = 20% or 0.2Beta = 1 Calculation of Expect...

Q: The Price-Earning ratio (P/E) of stock  A, B, C are 5, 3, 7 respectively. Which one you should buy?

A: A Price-earnings ratio is the relationship between firm's stock price and earnings per share. The hi...

Q: Finance help

A: The purchase cost of new equipment is $328,000 and installation cost is $109,000. So, the total cost...

Q: After becoming a commercial pilot, Lorna Kao decides to purchase a Cessna 182 for $64,835. Assuming ...

A: Hence, Total cost is $68,660, which is determined by adding purchase price and the applicable sales ...

Q: A metallurgical engineer decides to set aside money for his newborn daughter's college education. He...

A: Let’s assume the engineer deposits X for one year for 14 years:

Q: Q1. Consider an all-equity firm that is contemplating going into debt. The market value of equity is...

A: Weighted average cost of capital (WACC) refers to the rate which a firm is expected to  pay to its s...

Q: What is the expected return for Big Tech Co. Stock given the following information? 3. Stock Expecte...

A: Expected return can be defined as the return which an investor expects to be generate on a project o...

Q: Microhard has issued a bond with the following characteristics: Par: $1,000Time to maturity: 5 years...

A: Calculate the prices of the bond as follows:MS-Excel --> Formulas --> Financials --> PV

Q: Compare the various cash management alternatives.

A: Cash management can be described as the method of cash collection and cash handling. Evaluation of m...

Q: MMS Corp borrows $1,650,000 today for a new building. The loan is an equal principal payment loan wi...

A: Calculation of Current Portion of Debt in Month 16:The current portion of month debt 16 is $183,333....

Q: 3. Your client has a 2-year old child whose college education they plan to fund when the child turns...

A: Calculation of Lump Sum Payment and Monthly Payments:The lump sum payment is $746,005.43 and monthly...

Q: negative net exposure C. a fully balanced position. D. zero net exposure. 12. The levels of foreign ...

A: The levels of foreign currency assets and liabilities at banks hove increased in recent years, and t...

Q: 4. You plan to lease (Begin Mode!!!) a new care today. The dealership's finance office quotes you a ...

A: Calculation of interest rate and future value:Answer: Interest rate is 3% and future value is $19,93...

Q: Global Internet company is looking to expand their operations. They are evaluating their cost of cap...

A: Part a & b:Calculation of Cost of Capital:a. The cost of capital is 9.09%.b. The cost of capital...

Q: The CFO of briggs industries is evaluating a capital budgeting project that should extend over 4year...

A: a) Depreciation using both MACRS and Straight-line method is calculated as below, with calculations ...

Q: Consider an asset that costs $665,000 and is depreciated straight-line to zero over its nine-year ta...

A: Calculation of after cash flow from sale of asset:The after-cash flow from sale of asset is $170,296...

Q: A company wants to expand their manufacturing facilities . they have two choices ,first to expand th...

A: a)Determine the best option:The most financially beneficial option is option 1 expansion of current ...

Q: You own a furniture manufacturing company. You are looking to expand into glass furniture and need t...

A: Calculation of ARR:The ARR for Machine 1 is 28.89% and Machine 2 is 32.73%.Excel Spreadsheet:

Q: You have a portfolio with a beta of 1.59. What will be the new portfolio beta if you keep 86 percent...

A: Beta: It is a numerical value which evaluates the variations of a stock to shifts in the stock marke...

Q: Which of the following is the most correct answer for the beta of a portfolio of 35 stocks where the...

A: The beta of the portfolio will be between 0.84 and 1.51 is the most correct answer for the beta of a...

Q: A manager has determined that a potential new product can be sold at a price of $50 each. The cost t...

A: Selling Price = $50Variable Cost (Production Cost of Product) = $35Fixed Cost (Lease of necessary eq...

Q: The calculation of a hurdle rate when looking capital expenditures involves looking at what financia...

A: Generally companies take up new projects only when the project passes the hurdle rate (HR). As the n...

Q: Which of the following best explains why a firm that needs to borrow money would borrow at long-term...

A: The short-term rates of interest are much volatile when compared to the long-term rates of interest....

Q: a firm has a debt-to-equity ratio of 1.0. if we assume that the firm's debt pays 11% interest annual...

A: Hence, cost of debt after tax is 6.6%.The cost of debt is determined by multiplying cost of debt bef...

Q: 1. Acme Corp. just paid a dividend of $3.00 per share (ie., D0 = $3.00).  The dividend is expected t...

A: Hi there, As per Q&A guidelines, we should answer the first question when multiple questions pos...

Q: Wheels, Inc. is a manufacturer of bicycles sold through retail bicycle shops in the southeastern Uni...

A: Alternative 1: Required Sales = XNumber of Salespersons required = 10Fixed Salary of Each Salesperso...

Q: A credit card account had a $243 balance on March 5. A purchase of $179 was made on March 12, and a ...

A: From March 5 to March 12, the balance of account is $243 for 7 days.From March 12 to March 28, the b...

Q: Please show all equations and work as needed. Make the correct answer clear. If possible, please typ...

A:  As requested, I have typed the calculations for your convenience.The company sold 4 million of prim...

Q: If the risk-free rate is 4.8 percent and the risk premium is 6.8 percent, what is the required retur...

A: Required Return: It is the rate of return which is the least satisfactory return an investor may ant...

Q: Suppose that 10 years ago you bought a home for $150,000, paying 10% as a down payment, and financin...

A: Calculation of original loan paid off:The original loan paid off is $16,572.Excel Spreadsheet:

Q: A share of common stock has just paid a dividend of $3.00.  If the expected long-run growth rate for...

A: The market value of the stock is the current stock price in the market at which the trading of the e...

Q: You deposit $3000 in an account that pays 88​% interest compounded semiannually. After 33 ​years, th...

A: Amount deposited, P = $ 3,000Future value of P deposited in an account offering annual interest rate...

Q: Nanometrics, Inc. has a beta of 2.01. If the market return is expected to be 12.50 percent and the r...

A: Required Return: It is the rate of return which is the least satisfactory return an investor may ant...

Q: Finance Question

A: Future value of a stream of annuity is given by the expression shown on the white board. Symbols hav...

Q: ASDF Corporate Income Statement Current Year Units Sold 100,000 $37.84 $3, 784,000 $1,284,000 Unit P...

A: Hence, contribution is $2500000, which is the difference of Sales of the company and its variable ex...

Q: Kopperud Electronics has an investment opportunity to produce a new HDTV. Therequired investment on ...

A: Inflation Rate = 4%Price of Product in 1st Year = $471Price of Product increases by 4% every year be...

Q: #60

A: Calculation of future value of payments:Answer:Future value of payments is $185,360.20; the policy i...

Q: 7 Bond A's is a 15 year bond with current price is $933 and it has an $80 annual coupon. Bond B's is...

A: a) Bond A has an annual coupon of $80, current price $933 and 15 years to maturity.Yield to maturity...

Q: Using the P/E multiples approach to valuation, What is the estimated price of a stock if the firm’s ...

A: Calculation of estimated price of stock:Answer:Expected price of stock is $82.26

Q: I am currently working on some practice problems for my finance class and am unsure how to set up an...

A: As per the rule, I will do the first three parts. Since 1a is done will do 1b, 2 a and b.1b) Standar...

Q: I am currently working on some practice problems for finance and need help setting them up as well a...

A: Hi, As per Q&A guidelines, we should answer the first question when multiple questions posted in...

Q: Your firm, Agrico Products, is considering a tractor that would have a cost of $36,000, would increa...

A: Hence, cash inflows from operation in scenario of 5 years life is $14,880.The cash flow after tax in...

Q: Topic: Payout Policy What are the drawback(s) of distributing dividends instead of retained earnings...

A: The dividend policy is a decision in deciding the exchange between paying dividends and retaining ea...