Jessica took out a Stafford loan worth $7,175 at the beginning of her six-year college career. The loan has a duration of ten years and an interest rate of 6. 3%, compounded monthly. How much greater will Jessica’s monthly payment be if the loan is unsubsidized than if the loan is subsidized? Round all dollar values to the nearest cent. A. $36. 98 b. $23. 07 c. $37. 67 d. $166. 37 Please select the best answer from the choices provided A B C D.

Question

08-03-2022
Mathematics

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Jessica took out a Stafford loan worth $7,175 at the beginning of her six-year college career. The loan has a duration of ten years and an interest rate of 6. 3%, compounded monthly. How much greater will Jessica’s monthly payment be if the loan is unsubsidized than if the loan is subsidized? Round all dollar values to the nearest cent. A. $36. 98 b. $23. 07 c. $37. 67 d. $166. 37 Please select the best answer from the choices provided A B C D.

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