Step 1

You receive a10-year subsidized student loan of $15,000at an annual interest rate of6.1%. What are your monthly loan payments for this loan when you graduate? (Round your answer to the nearest cent.) $167.29

167.29

Step 2

The monthly loan payment for your subsidized student loan is $167.29. Now, suppose instead you receive a10-yearunsubsidizedstudent loan of $15,000at an annual interest rate of6.1%. Use simple interest to find your new total loan amount after you graduate in 4 years. (Round your answer to the nearest cent.) $18660

18660.00

Step 3

Your new total loan amount is$18660.00. What are your monthly loan payments for thisunsubsidizedloan? Note that your answer will be larger than the answer to Step 1! (Round your answer to the nearest cent.) $