Chapter 6 hw.docx
Suppose
that you borrowed $20,000 student loans to attend UMD. When you attend the
school, you do not need to pay interest on your loan. However, once you
graduate, you are required to start paying your loan and interest. The APR for
your loan is 6.8%. Each month you will have to make interest payment and
principal repayment.
1)  If
you choose the standard repayment plan, you will have to pay off your loan in
10 years with the same amount of payment each month. Then, how much is your
monthly payment? Also, prepare your loan amortization table to calculate how
much interest you will pay in total when you pay off your loan.
2)  If you choose the fixed extended repayment
plan, you will be allowed to pay off your loan in 25 years with the same amount
of payment each month. Then, how much is
your monthly payment? Also, prepare your loan amortization table to calculate
how much interest you will pay in total when you pay off your loan.
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