Question
Angelica Reardon received a 4-year non-subsidized student loan of $17,000 at an annual interest rate of 6.6%. What are Angelica's monthly loan payments for this loan after she graduates in 4 years? (Round your answer to the nearest cent.)
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Answer to a math question Angelica Reardon received a 4-year non-subsidized student loan of $17,000 at an annual interest rate of 6.6%. What are Angelica's monthly loan payments for this loan after she graduates in 4 years? (Round your answer to the nearest cent.)
Corbin
4.678 Answers
1. Calculate the monthly interest rate \dfrac{r}{n}
\dfrac{0.066}{12} = 0.0055
2. Calculate the total number of paymentsn \cdot t
12 \cdot 4 = 48
3. Apply the values to the formula:
M = \dfrac{17,000 \cdot 0.0055}{1 - (1 + 0.0055)^{-48}}
4. Calculate the denominator:
1 - (1.0055)^{-48}
5. Calculate the numerator:
17,000 \cdot 0.0055 \approx 93.5
6. Combine and solve the expression:
M=\dfrac{93.5}{1 - (1.0055)^{-48}}\approx403.94
Answer:M\approx403.94
2. Calculate the total number of payments
3. Apply the values to the formula:
4. Calculate the denominator:
5. Calculate the numerator:
6. Combine and solve the expression:
Answer:
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