When Lisa had 5 years left in college, she took out a student loan for $13,342 . The loan has an annual interest rate of 2.7% . Lisa graduated 5 years after acquiring the loan and began repaying the loan immediately upon graduation. According to the terms of the loan, Lisa will make monthly payments for 10 years after graduation. During the 5 years she was in school and not making payments, the loan accrued simple interest. Answer each part. Do not round intermediate computations, and round your answers to the nearest cent. If necessary, refer to the list of financial formulas . (a)If Lisa's loan is subsidized, find her monthly payment. Subsidized loan monthly payment: $ (b)If Lisa's loan is unsubsidized, find her monthly payment. Unsubsidized loan monthly payment: $
When Lisa had 5 years left in college, she took out a student loan for $13,342 . The loan has an annual interest rate of 2.7% . Lisa graduated 5 years after acquiring the loan and began repaying the loan immediately upon graduation. According to the terms of the loan, Lisa will make monthly payments for 10 years after graduation. During the 5 years she was in school and not making payments, the loan accrued simple interest. Answer each part. Do not round intermediate computations, and round your answers to the nearest cent. If necessary, refer to the list of financial formulas . (a)If Lisa's loan is subsidized, find her monthly payment. Subsidized loan monthly payment: $ (b)If Lisa's loan is unsubsidized, find her monthly payment. Unsubsidized loan monthly payment: $
Chapter6: Business Expenses
Section: Chapter Questions
Problem 68P
Related questions
Question
When Lisa had
years left in college, she took out a student loan for
. The loan has an annual interest rate of
. Lisa graduated
years after acquiring the loan and began repaying the loan immediately upon graduation.
5
$13,342
2.7%
5
According to the terms of the loan, Lisa will make monthly payments for
10
years after graduation. During the
5
years she was in school and not making payments, the loan accrued simple interest.
Answer each part. Do not round intermediate computations, and round your answers to the nearest cent. If necessary, refer to thelist of financial formulas
.
|
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