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Topic: personal finance lesson 3.3
-Please don’t just give the answer. I need the explanation too so I can actually learn.
Jim’s parents paid for the first three years of his college costs. When he was a college senior, he was approved for an unsubsidized loan in the amount of $15,200 at a 4.29% interest rate for 10 years.
If he chooses to make interest-only payments until the monthly loan payments are due, for
how long will he be making interest only payments?
What is the total amount of his interest only payments?
If he begins the loan replacement with no interest capitalization because he already paid the interest when he was in school and during the 6 month grace period, how much will he have paid in interest for this loan by the end of the 10 year loan period?
Sagot :
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