Ask Question
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.)

+4
Answers (1)
  1. 14 October, 22:00
    0
    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
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “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 ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers