Consider a student loan of $25 comma 00025,000 at a fixed APR of 99 % for 1515 years. a. Calculate the monthly payment. b. Determine the total amount 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. a. The monthly payment is $nothing. (Do not round until the final answer. Then round to the nearest cent as needed.) b. The total payment over the term of the loan is $nothing. (Round to the nearest cent as needed.) c. Of the total payment over the term of the loan, nothing % is paid toward the principal and nothing % is paid toward interest. (Round to the nearest tenth as needed.)

Question

Emerson Donovan

Business

14 October, 21:52

Consider a student loan of $25 comma 00025,000 at a fixed APR of 99 % for 1515 years. a. Calculate the monthly payment. b. Determine the total amount 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. a. The monthly payment is $nothing. (Do not round until the final answer. Then round to the nearest cent as needed.) b. The total payment over the term of the loan is $nothing. (Round to the nearest cent as needed.) c. Of the total payment over the term of the loan, nothing % is paid toward the principal and nothing % is paid toward interest. (Round to the nearest tenth as needed.)

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Answers (1)

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Tiffany Horne · Answer 1

a. Calculate the monthly payment.

$ 3.101

b. Determine the total amount paid over the term of the loan.

$46.522

c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest.

Principal Interest

46.522 25.000 21.522

53.73% 46.26%

Explanation:

Loan $ 25.000

N 15

Interest: 9,0%

Monthly payment $ 3.101

Period Payment Capital Interest Loan

25.000

1 3.101 851 2.250 24.149

2 3.101 928 2.173 23.220

3 3.101 1.012 2.090 22.209

4 3.101 1.103 1.999 21.106

5 3.101 1.202 1.900 19.904

6 3.101 1.310 1.791 18.594

7 3.101 1.428 1.673 17.166

8 3.101 1.557 1.545 15.610

9 3.101 1.697 1.405 13.913

10 3.101 1.849 1.252 12.064

11 3.101 2.016 1.086 10.048

12 3.101 2.197 904 7.851

13 3.101 2.395 707 5.456

14 3.101 2.610 491 2.845

15 3.101 2.845 256 0

46.522 25.000 21.522

0,5373 0,4626