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Answered

Jeffery Wei received a 7-year non-subsidized student loan of $31,000 at an annual interest rate of 5.8%. What are Jeffery's monthly loan payments for this loan after he graduates in 4 years?

Sagot :

GONZALESJOWEL979IN

Answer:

50,344 DOLLARS

Step-by-step explanation:

PRINCIPAL = 31,000 DOLLARS

RATE = 5.8% OR 0.058%

TIME = 7 YEARS AND 4 YEARS

31,000 PESOS × 0.058% = 1,798 DOLLARS

1,798 DOLLARS × 7 YEARS = 12,586 DOLLARS

12,586 DOLLARS × 4 YEARS = 50,344 DOLLARS

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