Question

jeffery wei received a 6 year non subsidized student loan of 30000 at an annual interest rate of 5.2%. what are jeffery’s monthly loan payments for this loan after he graduates in 4 years

Answer 1

If the loan interest rate remains at i=5.2%/12 per month throughout the six years, 
then amount owing after 4 years, or the future value 
$F=30000(1+i)^(4*12)$
$==30000(1+0.052/12)^(48)$
$=36919.80$    to the nearest cent

Monthly payment, A, required to repay the loan in two years (24 months)
$\frac{P(i*(1+i)^n)}{(1+i)^n-1}$
$=\frac{36919.80(.052/12*(1+.052/12)^{24})}{(1+.052/12)^{24}-1}$
$=1623.03$  to the nearest cent.

Answer: Jeffrey will have to repay $1623.03 monthly during the last two years of his loan to owe nothing at the end of the 6 years loan period.