What is the equation that defines this line ?
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Given that the 6.5% interest on the $5,500 loan is deferred during college, the amount Alex will pay upon graduation is <u>$81.67 </u>monthly.
<h3>How can the amount Alex will pay be found?</h3>The number of years for the loan = 10-year
The loan amount = $5,500
The number of years for the interest = 6 years
The monthly payment formula is presented as follows;
Which gives;
- The amount Alex will pay upon graduation is <u>$81.67</u> each month
Learn more about monthly payment on loan formula;