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angelica reardon received a 4 year non subsidized student loan of 17 000 at an annual interest rate of 6 6 what are angeli

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.)

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86 Answers

1. Calculate the monthly interest rate

\dfrac{r}{n}

:

\dfrac{0.066}{12} = 0.0055

.

2. Calculate the total number of payments

n \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

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