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What is outstanding loan account balance years later right

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Akira just graduated from university. He plans to work for 5 years and then study a PhD degree. He figures he can save $5000 in the first year and will be able to save 10% more than the previous year in each of the next 4 years. His saving account pays an interest rate of 6.6% p.a. and the interests are compounded annually.

Problem 1:  Assume Akira still has to take a student loan to support his living expense during his PhD study. If the loan pays him $400 per month for 4 years (starting one month after he commences his PhD) with an interest rate of 3.6% p.a. compounded monthly, what is his outstanding loan account balance 4 years later right after his completion of the PhD degree?

Reference no: EM132904122

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