Question

at the beginning of her senior year maria received a $5,000 subsidized loan and a $4,500 unsubsidized loan with an apr of 5.05%. if maria begins making payments on her loans 6 months after graduation, how much interest will she owe to the nearest dollar?

Answer 1

$114

Explanation:

You want to know the interest due on student loans of $5000 (subsidized) and $4500 (unsubsidized) with an APR of 5.05% when Maria starts making payments 6 months after graduation.

Subsidized

The government pays the interest for the first 6 months after graduation, so Maria owes no interest on her subsidized loan.

Unsubsidized

The interest is figured beginning at graduation. The formula is ...

I = Prt . . . . . . P is the principal amount, r is the interest rate, and t is years

I = $4500(0.0505)(1/2) = $113.625 ≈ $114

Maria will owe $114 in interest on her loans 6 months after graduation.

<95141404393>