Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

What is the total amount Bae will have to repay for his $25,982 student loan if the interest rate is 4 percent over 10 years?

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
What is the total amount Bae will have to repay for his $25,982 student loan if the interest rate is 4 percent over 10 years? What is the total amount he would have to repay if the 525 962 was a grant instead of a loan? Click on the table icon to view the Monthly Installment Loan Payment Factor (MILPF) table ! The total amount Bae will have to repay for his student loans is (Round to the nearest cent) Data Table Monthly Installment Loan Tables ($1,000 loan with interest payments compounded monthly) I 6 12 18 24 30 36 48 60 72 84 96 120 4.00% 168,62 85.15 57.33 4 3.42 35.08 29.52 22.58 18.42 15.65 13.67 1 12.19 10.12 4.25% 168.74 85.26 57.44 43.54 35.19 29.64 22.69 18.53 15.76 13.78 12.31 10 24 4.50% 168,86 85.38 57.56 43.65 35.31 29.75 22.80 18.64 15.87 13.90 12.42 10.36 4.75% 85.49 5767 43.76 35.4229.86 22.92 18.76 15.99 14.02 12.54 10.48 5.00% 169.11 85.61 57.78 43.87 35.53 29.97 23.03 18.87 16.10 14 13 12 66 10.61 5.25% 169.23 85.72 57.89 43.98 35.64 30.08 23.14 18.99 16.22 14.25 12.78 10.73 5.50% 169 35 85 84 58.01 44.10 35.75 30.20 23.26 19.10 16.34 14.37 12.90 10.85 5.75% 169.47 85,95 58.12 44.21 35.87 3 0.31 23.37 19.22 16.46 14.49 13.02 10.98 600% 169.60 86.07 58.23 44.32 35.98 30.42 23.49 19.33 16.57 14.61 13.14 11.10 6.25% 169.72 86.18 58.34 44.43 36.09 30.54 2360 19.45 16.69 14.73 13.26 11.23 6.50% 169 84 86.30 58 46 4455 36 20 30.65 23.71 19.57 16.81 14.85 13.39 11.35 6.75% 96 86 41 58 57 44 66 36.32 30.76 23 83 19.68 16.93 14.97 13.51 11:48 700% 170.09 86.53 58.68 44.77 36.43 30 88 23.95 19.80 17.05 15.09 13.63 11 61 7.25% 170 21 86.64 58.80 44.89 36.5530.99 24.06 19.92 17.17 15.2213.76 11.74 7 50% 170.33 86.76 58.91 45.00 36 66 31.11 2 4.18 20.04 17 29 15.34 13.88 11.87 775% 170 45 86 87 59 03 45.11 36.77 31 22 24 30 20.16 17.41 15.46 1401 12.00 Print Done 8.00% | 170 58 86 99 | 59.14 45.23 36.9 134 24.41| 20.28 | 17 53 | 15.59 | 14412 13 | 825% 170.70 187.10 59.25 45.34 | 37.00 31.45 | 24.53 | 20.40 1766 15.71 14 26 227 | 8.50% 170.82 87.22 | 59.37 | 45.46 37.1231.57 24 65 20.52 1778 | 15.84 114.39 | 12 40 875% | 170958734 | | 59.48 | 45.57 37 23 31.68 24.7 20.64 | 1790 | 15.9% 14.52 1253 9.00% | 17107 87.45 59.60 45.68 37.35 31.80 24 ) 20.76 18.03 16.09 1465 1267 925% 1719 8757971 450 37 46 31.2 25.00 20 8 | 18 15 1622147620 950% 17132 87 68 59 3 45.91 37 58 32.03 25 12 21.00 18 27 16 34 1491 124 | 975% | 171 44 87 80 5994 46.03 37.70 32.15 | 25.24 21.12 | 18.40 | 16 10.00% 171.56 879260.06 46 14 137.81 2 27 25 36 212518.53 16 60 15.17 10 22 10 25 171 68 | BB 03 | 60.17 | 46 26 37 93 32 38 | 25.48 21.37 18 65 | 1673 | 15.31 | 13.35 10 50% 171.81 88 15 50 29 46 38 36 04 32 50 2560 21.49 18 78 16.86 15 44 11 49 | 10 75% 1719988 2760.40 49 36 16 32 62 25 72 21.62 1891 16 99 1557 1363 | 1205 8 38 60 52 5 61 36 28 32 74 25 85 21.74 1903 17 12 1571 3 78 | 1125- 172 18 8 0 60 63 | 46 2 8 40 32 6 2597 2187 19 16 17 25 15 84 1392 11 50% | 70 62 | 60 75 6 84 38 51 32 98 26 09 21.99 19 29 1739 15.98 | 14.06 | 17242 73 60 87 46 % 38 63 33.10 26 21 22.12 1942 17 62 6. 12 14 20 12 00% 172 55 6 65 60 96 47 07 38 75321 26 11 22 249 55 1766 16 25 11 35 12 25% | 1726788.97 61 10 47 19 38 87 33.33 26 46 | 22 37 198 | 1779 | 16.39 1449 08 161.2147.31 38.96 33.45 26.58 250 1981792 | 16 53 14.64 12.75% 17292 9.20 61.33 47 42 39.10 3.57 | 26.70 | 2.63 | 19.94 18.06 | 16.67 | 1478 13.00% 1304 251.45 4749 2233.69 26 83225 2007 18 19 16 81 | 1493 | 1325% 173 17 189.43] 61.56 | 47 66 | 39.34 33.81 | 26.95 22 8 20 21 18 33 | 16.95 16.08 | 13.50% 95 61.6 478 39.4633927.03 | 23.01 20.34 | 18 46 17091523 1375 173 41 | 61 80 47939 58406 2720 23.14 20.47 130 17236.38 34 00% 173 54 187961.92 48.01 39.70 34.18 27 33 2327 | 20.61 18.74 737 5.53 14.25% 173669 90 | 62 03 | 48.1339824.30 127.45 23.40 0 74 | 18. 1751| 15.8 14 50% 137990 0262 15 48 25 39 94 134.42 | 27 58 23 53 20 37 | 19 02 | 17 66 15.3 | 17391 90 14 | 6227 | 48.37 40 06 34.54 2770 236621019 16 1780 | 98 15 00% 17403 190 2662 36 48 49 40 18 34.672763239 21 15 19 30 75 16 13 15 25% 7. 1690 3 60 48 51 0 30 49 2753922120 1944 18 09 16 29 15.50% 174 28 0.9 62 62 2 40.42 34.91 28 08 24 05142 1958 18 24 164 | 15.75% 474.41 90 61 6274 | 48 84 40 54 | 35.03 | 28 21 | 24.19 21.55 1972 | 18.38 | 16.60 ) | 16 00% 174.53 | 90.73 62 86 48.96 | 40 66 35.16 28 34 24.32 21.69 196 | 18.53 | 16.75 | 6.25% 174 6 90 $ 6297 49 00 40 78 5 28 28 47 24.45 21.33 20.00 18.66 | 1691 16 50% 174 78 0976309 9 1040 91 35 40 60 21 58 21.97 2015 18 82 17 06 ( 6 75 17490 91 951212 100 % S3207) 2012 22 11 20 29 197122

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials of Accounting for Governmental and Not-for-Profit Organizations

Authors: Paul A. Copley

10th Edition

007352705X, 978-0073527055

Students also viewed these Accounting questions