Westonci.ca is the ultimate Q&A platform, offering detailed and reliable answers from a knowledgeable community. Get immediate and reliable answers to your questions from a community of experienced professionals on our platform. Get precise and detailed answers to your questions from a knowledgeable community of experts on our Q&A platform.
Sagot :
The amount charged on the loan which is the loan interest rate, increases as the time after the initial amount is credited into the account increases.
- The interest on the Federal Direct Unsubsidized Loan after 4 years 6 months is $1,911.195
Reasons:
The given parameter are;
Loan amount, the principal, P = $9,900
Duration of the loan = 10 years
Loan interest rate, R = 4.29%
Required:
The amount of interest that will accrue while she is still in school and over the 6-months grace period for the freshman loan.
Solution:
Based on a similar question on an online source, we have;
Interest, I = P × R × T
Where;
T = The time = The time the freshman is in school + 6 months
Therefore, normally, we have;
T = 4 years + 6 months = 4.5 years
R = 4.29% = 0.0429
Therefore;
Interest, I = 9,900 × 0.0429 × 4.5 = 1911.195
The interest that will accrue while she is still in school and over the 6-months grace period for the loan, I = $1,911.195
Learn more about the interest rate here:
https://brainly.com/question/1368015
Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. Get the answers you need at Westonci.ca. Stay informed with our latest expert advice.
