Question

If you take out a $30,000 student loan at 6%:

○ you will only need to pay back the amount you borrowed
○ you will need to pay back only the interest on the amount you borrowed
○ once you graduate you will have a monthly payment of about $255 each month for the next 15 years
○your parents are liable for your debt​

Answer 1

Once you graduate you will have a monthly payment of about $255 each month for the next 15 years

Step-by-step explanation:

Using a calculator of student loans, we consider $30,000 as the amount with an interest rate set of 6% and a term of 15 years, obtaining a total of $254 for the monthly payment to cover the loan (30,000) and the interest (15,569) for a total of $45,569.

I hope you find this information useful and interesting! Good luck!

Answer 2

Hello,

The correct answer option is {C}

Explanation

Every year, 6% of the debt increases as the interest rate is charged, thus the grand total of the actual debt will be more than $30000 due to the added interest. In addition to that, the monthly payment of $255 is inclusive of the payment of the principal amount and interest on the loan.

Wish you Luck!