Answer the question with the information below.

1.Assume that you will take out loans to pay for your college-related expenses. Based on the schools you chose, as well as other possible expenses, calculate how much in loans you will need to borrow. Assuming you get 15-year loans at a 5 percent interest rate, what will the eventual monthly payment be on these loans?

Estimating Expenses Monthly

(estimating the amount for both colleges)

Tuition: $10,000 yearly (in-state tuition)

Room and Board: $12,000

Books: $1,200

Other Fees: $2,500