Joe went to the hobby shop and bought 2 sport cars at %8.95 each and some paints.If he spent a total of %23.65,What was the coas
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Range:[-2,8)
That’s the range for the domain down below
That’s the range for the domain down below
The Viola’s monthly payment more than the loan is unsubsidized than if the loan is subsidized is $35.05.
<h3>What is compound interest?</h3>Compound interest is the amount charged on the principal amount and the accumulated interest with a fixed rate of interest for a time period.
The formula for the final amount with the compound interest formula can be given as,
Here, A is the final amount (principal plus interest amount) on the principal amount P of with the rate r of in the time period of t.
Viola took out a $8,470 Stafford loan at the beginning of her four-year college career. The loan has a duration of ten years and an interest rate of 7. 5%, compounded monthly.
Put this values in the above formula as,
For the four years, the monthly payment is,
The monthly payment of unsubsidized loan is $237.97.
The monthly payment of subsidized loan is $202.80.
The difference between the unsubsidized and subsidized loan monthly payment is,
Thus, the Viola’s monthly payment more than the loan is unsubsidized than if the loan is subsidized is $35.05.
Learn more about the compound interest here;