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Help i need 2-7 please 2. According to USA Today, the average United States college student completes his or her undergraduate education with $39,200 in
Help i need 2-7 please
2. According to USA Today, the average United States college student completes his or her undergraduate education with $39,200 in debt. How much more does this average student repay, in total, if he or she chooses extended loan repayment instead of standard repayment? The average undergrad loan APR is 3.92%. 3. Your rich grandparents inform you that they will pay $1,000/month toward your college loans after you finish school. If you complete college with $77.777 in debt, repayable at 3.98% APR... a.... how many payments must your grandparents make before you are debt-free? b.... how much money will it cost your grandparents, in total, to repay your loan? 4. You elect extended repayment of your student loan and must pay $474.80/month. Your interest rate is 4.06%. Correct to the nearest dollar, how much did you borrow? 5. How much would you save, in total, on the loan from question #4 above if you elected standard repayment instead? 6. You borrow $37,120 to attend college and must repay your loan at 4.065% APR... a. How many months will it take to repay this debt if you choose to pay back $500/month? b. In this scenario, what is the amount of your final payment, correct to the nearest cent? 7. You elect extended payment of a student loan at 4.14% APR, and your monthly payment is $493.11. What would your monthly payment be on this loan if you elected standard repayment instead Step by Step Solution
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