How much will his monthly payment be

Reference no: EM133264438

In June 2050, John is considering a student loan. The loan scheme allows borrowers to defer the payment until they complete their degree. In addition, the loan is interest-free until the completion of a degree. John is expected to finish his degree in three years from now and will begin making equal payments each month for 180 months. The quoted interest rate for the loan is 6% per year. If he plans to borrow $80,000, how much will his monthly payment be?

Reference no: EM133264438

Questions Cloud

Period starting in three months on a principal of $1,000 : enables the holder to earn 6.5% (with quarterly compounding) for a three-month period starting in three months on a principal of $1,000?

What are the pros and cons of your chosen centralized : What are the pros and cons of your chosen centralized exchange compared to other centralized exchanges in your sample.

Are tangible assets valuable to the company : Learn about the company's reorganization plans by reading the footnotes. How long will it be until the plan is fully implemented? What other costs will there

What are some of challenges indigenous entrepreneurs face : What are some of the challenges Indigenous entrepreneurs face and how do these compare to those faced by mainstream entrepreneurs

How much will his monthly payment be : The quoted interest rate for the loan is 6% per year. If he plans to borrow $80,000, how much will his monthly payment be?

How how they match up with the interests : how how they match up with the interests of Central Banks and FinTech Law The articles are " FinTech Law in a Nutshell by Chris Brummer" and "FinTech

Provide a better offer with the comparison methods : Considering that the interest rate is 12% per year compounded monthly, which company provides a better offer with the comparison methods

How does the film invert the notion of what is monstrous : The word "monster" is used multiple times in this film by different characters. How does the film invert the notion of what is monstrous

Reasons underlying the general principles : After reading the "General Principles" and the "Particular Applications." the "Reasons Supporting the Preamble of the Code," the "Reasons Underlying the General

User Account

All Pages