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I am completely lost on this problem. Please help...
Martina's grandparents paid for the first 3 years of her college costs. As a senior, she was approved for a federal unsubsidized loan in the amount of $9,300 at a 4.29% interest rate for 10 years.
Part A. If she chooses to make interest-only payments until the monthly loan payments are due, for how long will she be making interest-only payments?
Part B. What would be the total amount of her interest-only payments?
Part C. If she begins her loan repayment with no interest capitalization since she already paid the interest when she was in school and during the 6-month grace period, how much will she have paid in interest for this loan by the end of the 10-year loan period?
Sagot :
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