Viola took out a $8,470 Stafford loan at the beginning of her four-year college career. The loan has a duration of ten years and an interest rate of 7.5%, compounded monthly. How much more will Viola's monthly payment be if the loan is unsubsidized than if the loan is subsidized? Round all dollar values to the nearest cent.

a.

$35.05

b.

$45.94

c.

$96.96

d.

$63.52

Question

14 December, 05:00

+1

Answers (2)

Know the Answer?

Camren Burgess · Answer 1

The answer is D:63.52 because you have to do 8,470 times 7.5%to get 635.25. Then you will have to divide 635.25 by 10 to get 63.52.

Joey · Answer 2

answer is A, just took the test