Briana received a 10-year subsidized student loan of $26,000 at an annual interest rate of 4.125%. Determine her monthly payment
1 answer:
Answer:
$264.78
Step-by-step explanation:
The government pays the interest on Briana's loan while she is in school. Her monthly payments will be for a loan of $26,000. The amount of the payment can be found from the amortization formula, or using a calculator or spreadsheet.
<h3>Payment amount</h3>For a loan of principal amount P at annual rate r for t years, the monthly payment is ...
A = P(r/12)/(1 -(1 +r/12)^(-12t)) = $26000(0.04125/12)/(1 -(1 +0.04125/12)^(-120)) = $264.78
Briana's monthly payment after she graduates is $264.78.
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