Question

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Angelica Reardon received a 4-year non-subsidized student loan of $18,000 at an annual interest rate of 6.8%. What are Angelicas monthly loan payments for this loan after she graduates in 4 years? (Round your answer to the nearest cent.)

Answer 1

Answer:

In 2021 she would have the loan of $18,000 and in 2022 she would have $13,947 and 2023 she would have $9,609 and in 2024 she would have $4,968 and in 2025 she would have $0.

• The total lifetime costs of your student loans would be $20,609 paid over 4 years.

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Step-by-step explanation:

- Is a student loan calculator (2021)

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Answer 2

The Angelica's monthly loan payments for this loan after she graduates in 4 year is $408.

What is simple interest?

Simple interest is a quick and easy method of calculating the interest charge on a loan.

What is the formula for calculating the simple interest?

The formula for calculating the simple interest is

$Simple\ interest = \frac{P\times R\times T}{100}$

Where,

P is the principal amount

R is the interest rate

And, T is the time in years

According to the given question.

Principal amount, P = $18,000

Interest rate, R = 6.8%

Time, T = 4 years

Therefore,

The monthly loan payments, we calculate the simple interest for monthly

= $\frac{18000 \times 6.8\times 4}{100 \times 12}$ = $408

Hence, the Angelica's monthly loan payments for this loan after she graduates in 4 year is $408.

Find out more information about simple interest here:

https://brainly.com/question/22621039

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