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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Corbin

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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 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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