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A student in college borrowed 12000 in student loans at an interest rate 9 compounded annually If you repay 1500 per year how long to the nearest year will it take you to repay the?
Wiki User
∙ 16y ago
A very rough estimate is 15 years, or 14 years and 9 months. That's assuming your total amount owed is $12,000, and you started making these payments right away. Of course, if you chose to defer payments until graduation, the loan would accrue interest until then, and the amount you owe would be more than 12,000, and therefore take longer to repay. And don't forget to include any origination fees, which would also increase the total amount you have to pay back.
Wiki User
∙ 16y ago
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The 2005 median annual income of workers with a four year college degree will provide Social Security checks totaling 15024 annually How does this compare to the government's poverty and low income?
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How much money will you have at the end of the end of the year if interest is compounded semi-annually at 10 percent on a 600 deposit?
661.5 I got that by using a financial calculator i divided the interest rate by 2 because compounding is semiannually, and multiplied the term (1 year) by 2 because compounding is semiannually. I used 600 as the present value, and solved for the future value. As I recall from college I think that is how it is done. Keep in mind that assumes the initial deposit earns interest for a full year. Another way: Simple Interest formula = (p * n * r)/ 100 p - principal n - number of years r - rate of interest So SI for the first 6 months = 600 * 0.5 * 10/100 = 30 Principal at the end of first half year = 630 Now p = 630 because the interest after the first half year is credited to your account. so SI = 600 * 0.5 * 10/100 = 31.5 Principal at the end of one year = 661.5 Note: I took n as 0.5 because interest is compounded every half year. If it is every quarter you must take n = 0.25 and perform this math 4 times to finish the one year
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