Three loans that are available to get for college are government subsidized, Unsubsidized loans, and bank loans. Government subsidized loans are loans that help students that have financial needs. The government pays for interest until the end of school. The interest rate for the loan is 4.66%. A government non subsidized loan pays interest right from the start. The interest rate for this type of loan is 4.66%. The next type of loan is a bank loan. A bank loan is where an amount of money loaned at interest by a bank to a borrower, usually on collateral security, for a certain period of time. The interest rate for the bank loan is 5.8%. An equation to show how much you have to pay per month is A=P(1+r)^r. A=20,000(1+.0466)^.5 then you take 39,604/180= $220/ month. A=20,000(1+.0466)^20 and then 49,732/240= $207/month. A=20,000(1+.0466)^10 then 31,538/120 = $262/month. A= 1,000,000(1+.0466)^20 then 248664/240=$1,036.10/month.
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AuthorI'm a Junior at SLHS. I play Varsity Softball, and Varsity Basketball. I also play travel softball for Mid-Michigan S.W.A.T. Archives
March 2015
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