Loan Amortization Table

Chapter 6 hw.docx

Supposethat you borrowed $20,000 student loans to attend UMD. When you attend theschool, you do not need to pay interest on your loan. However, once yougraduate, you are required to start paying your loan and interest. The APR foryour loan is 6.8%. Each month you will have to make interest payment andprincipal repayment.

1)  Ifyou choose the standard repayment plan, you will have to pay off your loan in10 years with the same amount of payment each month. Then, how much is yourmonthly payment? Also, prepare your to calculate howmuch interest you will pay in total when you pay off your loan.

2)  If you choose the fixed extended repaymentplan, you will be allowed to pay off your loan in 25 years with the same amountof payment each month. Then, how much isyour monthly payment? Also, prepare your to calculatehow much interest you will pay in total when you pay off your loan.

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