Student loans
Kimber obtained a private student loan for $8,225 at 6.57% interest with a term of 10 years. The loan terms required her to start making payments after the loan was disbursed. Calculate the interest she paid over the life of the loan.
What is $5403.83
What is the maturity value?
The total amount you must repay
How do I you determine the interest for one month?
Principal x Rate x (1/12)
What is the formula for ordinary interest?
Principal x Rate x Time/360
What is the formula to determine how the final payment?
Previous balance + Current month Interest
Brooke obtained a private student loan for $8,175 at 5.91% interest with a term of 15 years. The loan terms required her to start making payments after the loan was disbursed. Calculate her total loan repayment.
What is $15,422.14
The bank granted Peter a single-payment loan of $3,400 for 180 days at 8.2% ordinary interest. What is the finance charge?
What is $139.4
How do you determine the payment to the principal?
Monthly payment- Interest
Use the “Annual and Aggregate Student Loan Limits” table to find the annual federal student loan limits for a second year, dependent student.
$6500(Up to $4,500 Sub)
What is the formula to determine how much money is saved by paying a loan off early?
Total Payback-(Sum of Previous payment+ Final payment)
Total Payback-Sum of Previous payment- Final payment
Monthly Payment x Number of Months - Monthly payment x Number of previous Payment- Final Payment
Cayce obtained an unsubsidized federal student loan of $6.100 at 3.825% interest to help finance his final year of college. It was disbursed 289 days before he needed to start making student loan payments. Calculate the accrued interest for the period before he needed to begin making payments.
$184.74
John bank granted him a single-payment loan of $2,600 for 65 days at 7.5% exact interest. What is the maturity value of the loan?
What is $2634.73
Fernando obtained a loan to purchase a boat for $15,100 at 5.25% interest for 36 months. The monthly payment is $454.26. How much of the first monthly payment is interest?
What is $66.06
Dallas Brown is calculating his estimated yearly costs for school. He will need to pay $9,750 for tuition and fees, $1,245 for textbooks and supplies, $6,980 for 11 months of on-campus room & board, $235 per month for 11 months for the campus meal plan, and $20 per month for 11 months for a city bus pass with a student discount. Calculate his annual school-related costs for college.
$20,780
Markell obtained an $9,300 loan at 11% for 24 months. His monthly payment is $433.45. After 14 payments, the balance is $4,125.20. What is the interest on the 15th payment?
What is $37.81
Junie obtained a subsidized student loan of $5,100 to help finance her third year of college. The annual the percentage rate is 4.25%. She must repay the loan in 10 years. You will use the “Monthly Payment for a $100 Loan” table to calculate the monthly payment. Then, find the total amount repaid.
$6242.4
Micheal obtained a private student loan for $8,175 at 5.91% interest with a term of 15 years. The loan terms required her to start making payments after the loan was disbursed. How much interest did he pay?
$7,247.14
Andrea obtained a loan to purchase a boat for $15,100 at 5.25% interest for 36 months. The monthly payment is $454.26. How much of the first monthly payment is for principal?
What is $388.20
Junie obtained a subsidized student loan of $5,100 to help finance her third year of college. The annual the percentage rate is 4.25%. She must repay the loan in 10 years. You will use the “Monthly Payment for a $100 Loan” table to calculate the monthly payment. .
$52.02
Raina obtained an $9,300 loan at 11% for 24 months. her monthly payment is $433.45. After 14 payments, the balance is $4,125.20. What is the payment if he pays off the loan with the 15th payment?
What is $4163.01
Junie obtained a subsidized student loan of $5,100 to help finance her third year of college. The annual the percentage rate is 4.25%. She must repay the loan in 10 years. You will use the “Monthly Payment for a $100 Loan” table to calculate the monthly payment. Then find the finance charge.
$1142.4
Brooke obtained a private student loan for $8,175 at 5.91% interest with a term of 15 years. The loan terms required her to start making payments after the loan was disbursed. Calculate her total loan repayment.
$15,442.14
Nick obtained a loan to purchase a boat for $15,100 at 5.25% interest for 36 months. The monthly payment is $454.26. How much of the first monthly payment is interest? How much of the first monthly payment is for principal? What is the new balance?
What is $14711.8
Jesus is buying a new oven for $1,250. He made a down payment of 20% and financed the remainder. How much did he finance?
$1000
Frida obtained an $9,300 loan at 11% for 24 months. Her monthly payment is $433.45. After 14 payments, the balance is $4,125.20. How much interest is saved by paying the loan off early?
$171.49