You receive a 10-year unsubsidized student loan of $33,000 at an annual interest rate of 5.8%. Use simple interest to find your new total loan amount after you graduate in 4 years. (Round your answer to the nearest cent.)

You receive a 10-year unsubsidized student loan of $33,000 at an annual interest rate of 5.8%. Use simple interest to find your new total loan amount after you graduate in 4 years. (Round your answer to the nearest cent.)

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter22: Providing And Obtaining Credit

Section: Chapter Questions

Problem 2P: Cost of Bank Loan Mary Jones recently obtained an equipment loan from a local bank. The loan is for...

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Question

Unsubsidized Student Loans
Step 1
You receive a 10-year unsubsidized student loan of $33,000 at an annual Interest rate of 5.8%.
Use simple interest to find your new total loan amount after you graduate in 4 years. (Round your answer to
the nearest cent.)
$7656 x
40656.00
Step 2
Your new total loan amount is $40656.00.
What are your monthly loan payments for this loan? (Round your answer to the nearest cent.)
%24
|x
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