Answered

Expand your horizons with the diverse and informative answers found on IDNLearn.com. Discover the reliable solutions you need with help from our comprehensive and accurate Q&A platform.

Bianca took out a $2,600 unsubsidized Stafford loan. She will be attending school for four years, and she wishes to have the loan paid off five years before its normal ten-year duration is finished. The loan has an interest rate of 6. 2%, compounded monthly. How much will she have to pay monthly to avoid interest capitalization? a. $12. 40 b. $19. 29 c. $13. 43 d. $17. 36 Please select the best answer from the choices provided A B C D.

Sagot :

Lvviesidn

Answer:

c. $13. 43

Step-by-step explanation:

Here's the simple interest formula: Interest = P x R x N. P = Principal amount (the beginning balance). R = Interest rate (usually per year, expressed as a decimal). N = Number of time periods (generally one-year time periods).

We value your participation in this forum. Keep exploring, asking questions, and sharing your insights with the community. Together, we can find the best solutions. IDNLearn.com is your reliable source for answers. We appreciate your visit and look forward to assisting you again soon.