1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
bulgar [2K]
2 years ago
7

Gertrude takes out a $5,500 subsidized Stafford loan, which must be paid back in ten years. Gertrude will graduate four years af

ter taking out the loan. If the loan has an interest rate of 6.8%, compounded monthly, and Gertrude makes monthly payments, how much interest will she pay by the time the loan is repaid
Business
1 answer:
Sergio [31]2 years ago
7 0

$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

You might be interested in
A small risk of loss in an investment.
iVinArrow [24]

<u>A small risk of loss in an investment:</u>

Investment risk can be characterized as the likelihood or probability of the event of misfortunes comparative with the normal profit for a specific venture. Portrayal: Stating basically, it is a proportion of the degree of vulnerability of accomplishing the profits according to the desires for the financial specialist.

The potential advantage of a "high-chance venture" is that quite possibly you could make an extremely exceptional yield on the speculation too. The five measures incorporate the alpha, beta, R-squared, standard deviation, and Sharpe proportion. Hazard measures can be utilized separately or together to play out a hazard appraisal.

7 0
3 years ago
Ý nghĩa lý luận và thực tiễn của tiểu luận
Zina [86]

Answer:

talk in English man

please foll and sorry

3 0
3 years ago
If manufacturing overhead has been underallocated during the period, then which of the following is true?(a) the jobs produced d
Alecsey [184]

Answer:

The correct answer is B: the jobs produced during the period have been under-costed

Explanation:

Giving the following information:

If manufacturing overhead has been under-allocated during the period, then which of the following is true?

(a) the jobs produced during the period have been over-costed

(b) the jobs produced during the period have been under-costed

(c) the jobs produced during the period have been costed correctly

(d) none of the above

When manufacturing overhead has been under-allocated means that the actual costs incurred where superior that the estimated cost for the period.

7 0
3 years ago
You are the HR manager for a fifty-person firm that specializes in the development and marketing of plastics technologies. When
Natalija [7]
I would say that the organization needs a job and yea yea
4 0
3 years ago
Asset sales, Usage fees, Brokerage frees, and advertising are all ___?
lapo4ka [179]

Answer:

sources of business revenue

Explanation:

Revenue is the money a business gets from its normal trading activities.  It is the income a business obtains through the sales of goods and services to customers. Revenue includes discounts received and purchase returns.

The sale of an asset is revenue to a business because it will receive money from the transaction. Usage fees, Brokerage fees, and advertising are money that businesses receive for offering services.

7 0
3 years ago
Other questions:
  • What forces have caused cost and management accounting systems designed decades ago to become less relevant and less valuable fo
    13·1 answer
  • Clayton, inc. purchased a van on january 1, 2016, for $850,000. estimated life of the van was five years, and its estimated resi
    9·1 answer
  • "The National Tree Company offers resellers half-price reductions on artificial Christmas trees if they purchase them in July. T
    12·1 answer
  • The indirect and direct methods:
    11·2 answers
  • Expenses for items that we do not need are
    6·1 answer
  • Asian Trading Company paid a dividend yesterday of $4 per share. The dividend is expected to grow at a constant rate of 7% per y
    9·1 answer
  • As a noncommissioned employee in a company, your pay rate is most likely based on
    6·2 answers
  • a granary allocates the cost of unprocessed wheat to the production of feed flour and starch 100000. how much of the 120000 cost
    7·1 answer
  • If a rise in incomes is the same proportion for both low-income and high-income workers, then poverty will rise and inequality w
    12·1 answer
  • If a firm can raise market price by reducing its output, then:
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!