Hal has just graduated from four years of college. for the last two years, he took out a stafford loan to pay for his tuition. each loan had a duration of ten years and interest compounded monthly, and hal will pay each of them back by making monthly payments, starting as he graduates. hal’s loans are detailed in the table below. year loan amount ($) interest rate (%) subsidized? junior 4,048 5.9 n senior 5,295 7.6 y once all of his loans are paid off, what will hal’s total lifetime cost be? round all dollar values to the nearest cent. a. $9,023.28 b. $8,467.20 c. $11,498.40 d. $13,615.20

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Today at 2:37 PM
Mathematics

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Hal has just graduated from four years of college. for the last two years, he took out a stafford loan to pay for his tuition. each loan had a duration of ten years and interest compounded monthly, and hal will pay each of them back by making monthly payments, starting as he graduates. hal’s loans are detailed in the table below. year loan amount ($) interest rate (%) subsidized? junior 4,048 5.9 n senior 5,295 7.6 y once all of his loans are paid off, what will hal’s total lifetime cost be? round all dollar values to the nearest cent. a. $9,023.28 b. $8,467.20 c. $11,498.40 d. $13,615.20

Answer :

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swapnalimalwadeVT swapnalimalwadeVT · Answer 1 · 2025-04-21T14:43:17-04:00

Hal's total lifetime cost will be $13,615.20.

Data and Calculations

Table detailing the Loans

1: Year Junior Senior

2: Loan Amount ($) 4,048 5,295

3: Interest Rate (%) 5.9% 7.6%

4: Subsidized? No Yes

5: Future value 4,539.76 5,295

6: Total repayment $6,020.76 $7,575.51

Total lifetime cost = $ 13,596.27 ($6,020.76 + $7,575.51)

What is the future value of the loan?

The future value of the loan is determined based on no subsidy and interest rate compounded for two years for the Junior Loan.

Junior loan Amount after two years = $4,539.76

Loan Term = 10 years

Interest Rate = 5.9%

Compound Monthly (APR) Pay Back Every Month

Therefore, Payment Every Month $50.17

Total of 120 Payments $6,020.76

Total Interest $1,481.00

Loan Amount = $5,295

Loan Term = 10 years

Interest Rate = 7.6%

Compound Monthly (APR)

Pay Back Every Month

Therefore, a Payment Every Month of $63.13

Total of 120 Payments $7,575.51

Total Interest $2,280.51

Thus, Hal's total lifetime cost will be d. $13,615.20.

To learn more about the lifetime cost visit:

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jp912south jp912south · Answer 2 · 2025-04-21T14:42:26-04:00

jp912south jp912south

Today at 2:42 PM

Answer:

$13,615.20.

Step-by-step explanation:

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