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garri49 [273]
3 years ago
6

John has just graduated from State University. He owes $35,000 in college loans, but he does not have a job yet. The college loa

n company has agreed to give John a break on a deferred-payment plan that works as follows. John will not have to repay his loan for 5 years. During this “grace period” the loan obligation will compound at 4% per year. For the next 5 years, a monthly payment will be required, and the interest rate will be 0.5% per month. What will be John’s monthly payment over the 60-month repayment period?
Engineering
1 answer:
IRISSAK [1]3 years ago
6 0

Answer:

The correct response is "821.88". A further explanation is given below.

Explanation:

According to the question,

The largest amount unresolved after five years would have been:

= 35000\times (\frac{F}{P}, 4 \ percent,5 )

= 35000\times 1.216 7

= 42584.50

Now,

time (t) will be:

= 5\times 12

= 60 \ monthly \ payments

So, monthly payment will be:

= 42582.85\times (\frac{A}{P}, 0.5 \ percent,60 )

= 42584.50\times 0.0193

= 821.88

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