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MrRissso [65]
3 years ago
11

Consider a student loan of 15,000 at a fixed APR of 9% for 25 years. A) Calculate the monthly payment B) Determine the tiaras am

ount paid over the term of the loan C) Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest.
Mathematics
1 answer:
exis [7]3 years ago
8 0

Answer:

The monthly payment will be $ 162.50. In turn, the interest paid will be $ 33,750, constituting 69.23% of the total amount paid.

Step-by-step explanation:

Since there is a student loan of 15,000 at a fixed APR of 9% for 25 years, to calculate the monthly payment, determine the tiaras amount paid over the term of the loan, and determine, of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest, the following calculations must be performed:

((15,000 x 0.09) x 25) + 15,000 = X

33,750 + 15,000 = X

48,750 = X

48,750 / (25x12) = X

48,750 / 300 = X

162.5 = X

48,750 = 100

33,750 = X

33,750 x 100 / 48,750 = X

69.23 = X

Therefore, the monthly payment will be $ 162.50. In turn, the interest paid will be $ 33,750, constituting 69.23% of the total amount paid.

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Butoxors [25]
Answer:
Interest earned = 2713.8

Explanation:
We will solve this problem on two steps:
1- get the final amount after three years
2- get the interest earned by subtracting the initial amount from the final one.

1- getting the final amount after 3 years:
The formula that we will use is as follows:
A = P (1 + r/n)^(nt)
where:
A is the final amount we want to calculate
P is the initial amount = 6300
r is the interest = 0.12
n is the number of compounds per year =12
t is time in years = 3

Substitute to get the final amount:
A = P (1 + r/n)^(nt)
A = 6300 (1 + 0.12/12) ^ (12*3)
A = 9013.8

2- getting the interest earned:
Interest earned = final amount - initial amount
Interest earned = 9013.8 - 6300
Interest earned = 2713.8

Hope this helps :)
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There’s probably an easier way to do it like with the equation to find the area of a trapezoid but i did it this way bc it’s easier for me

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