$2,095.30 interest will she pay by the time the loan is repaid
Solution:
The $5,500 guaranteed Stafford loan is taken from Gertrude.
The loan has a monthly compounding interest rate of 6.8 percent.
Price current= $5,500.
Present Value = $5,500
Time period = 10 years
So , N = 10 x 12 = 120 months.
Interest rate, R = 6.8/1200 = 0.005666667
PV = Pmt * [1 - (1+R)^(-N)]/(R)
5500 = Pmt * [1 - (1+0.005666667)^(-120)]/(0.005666667)
Pmt = $63.29418157
She got full refund. = 63.29418157 x 120 = $7,595.30
Interest paid = Total repayment - Loan Principal
= $7,595.30 - $5,500
= $2,095.30
Answer:
The rate at which money circulates through an economy.
Explanation:
In Macroeconomics, the term velocity refers to the speed at which money circulates in an economy, and it is a variable in a fundamental macroeconomic equation, the quantity theory of money equation:
M x V = P x T
Which states that the price of goods and services is equal to the amount of money in an economy, or its money supply (M) multiplied by the Velocity of circulation of money, which is in turn equal to price (P) multiplied by the number of transactions (T).
Answer:
_Congress's_
Explanation:
The power to grant or withhold budget requests of agencies may be one of __Congress's______ most potent weapon in controlling the bureaucracy.
It the Congress who is responsible for the the budget allocation and distribution for the agencies according to The american constitution. This how they control the bureaucracy.
FALSE. Deregulation allows vendors or sellers to set individual prices with no regulation, therefore more likely to set higher rates.
According to the principles of supply and demand, the price of a product increases, the amount supplied will also increase because there is positive relationship between price and quantity supplied.
<h3>Why when price increases supply also increases?</h3>
Economists States that there is a positive relationship between price and quantity supplied—that means a higher price leads to a higher quantity supplied and a lower price leads to a lower quantity supplied.
Principle of supply states that at a higher price, a producer is willing to produce more of a good.
Principle of demand states that at a higher price, a consumer is less willing to purchase a good.
Learn more about the principles of supply and demand here:-
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