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deff fn [24]
3 years ago
5

It is estimated that the average amount owed for student loans in 2010 was $25,250 per student.  If the interest rate for studen

t loans increases to 6.8%, estimate how much more students will pay over a 10-year repayment period for this “average amount owed” as compared with 3.4%
Mathematics
1 answer:
Nostrana [21]3 years ago
6 0
Given:
loan amount: 25,250
original interest rate: 3.4%
new interest rate: 6.8%
term: 10 years.

Assuming that simple interest formula is used.
I = P * r * t
I = interest
P = principal
r = interest rate
t = term/time

I = 25,250 * 3.4% * 10 years
I = 8,585

I = 25,250 * 6.8% * 10 years
I = 17,170

17,170 - 8,585 = 8,585 Additional interest paid using the new interest rate.

Using an online loan repayment calculator: Here are the following data:
Loan Balance:$25,250.00
Adjusted Loan Balance:$25,250.00Loan
Interest Rate:6.80%
Loan Fees:0.00%
Loan Term:10 years
Minimum Payment:$0.00
Monthly Loan Payment:$290.58
Number of Payments:120
Cumulative Payments:$34,869.23
Total Interest Paid:$9,619.23

<span><span>Loan Balance:$25,250.00
</span><span>Adjusted Loan Balance:$25,250.00
</span><span>Loan Interest Rate:3.40%
</span><span>Loan Fees:0.00%
</span><span>Loan Term:10 years
</span><span>Minimum Payment:$0.00</span>
<span>Monthly Loan Payment:$248.51
</span><span>Number of Payments:120</span>
<span>Cumulative Payments:$29,820.59
</span><span>Total Interest Paid:<span>$4,570.59</span></span></span>
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Step-by-step explanation:

The standard form of the linear equation is Ax + By = C, where

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∴ y = 8x + b

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∴ x = -2 and y = 4

→ Substitute x by -2 and y by 4 in the equation to find b

∵ 4 = 8(-2) + b

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Tanzania [10]
Let's apply the Law of Cosines here.  We want the measure of the angle opposite the side with length 16.

Call that angle C.

Then 16^2 = 36^2 + 28^2 - 2(36)(28)cos C.

Solving for C:  cos C = 16^2 - 36^2 - 28^2 
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