Student Loans

Student Loans

12th Grade

5 Qs

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Student Loans

Student Loans

Assessment

Quiz

Mathematics

12th Grade

Practice Problem

Medium

Created by

Laura Causey

Used 3+ times

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5 questions

Show all answers

1.

DROPDOWN QUESTION

1 min • 1 pt

Ramona is attending a 4-year college. As a freshman, she was approved for a 10-year, federal unsubsidized student loan for $5,300 at 4.29%. She knows he has the option of beginning repayment of the loan in 4.5 years. She also knows that during this nonpayment time, interest will accrue at 4.29%

When it asks, how much interest will Ramona accrue during the 4.5-year nonpayment period? You use ​ (a)  

simple interest formula
monthly payment formula
simplified daily interest formula

2.

DROPDOWN QUESTION

1 min • 1 pt

Ramona is attending a 4-year college. As a freshman, she was approved for a 10-year, federal unsubsidized student loan for $5,300 at 4.29%. She knows he has the option of beginning repayment of the loan in 4.5 years. She also knows that during this nonpayment time, interest will accrue at 4.29%

If Ramona decides to make no payments during the 4.5 years, the interest will be capitalized at the end of that period.

The first thing you need to do is... (a)  

Then you....​ ​ (b)   with the​ (c)  

use the monthly payment formula
use the simplified daily interest formula
find the new loan amount
new loan amount
original loan amount
simple interest

3.

DROPDOWN QUESTION

1 min • 1 pt

Ramona is attending a 4-year college. As a freshman, she was approved for a 10-year, federal unsubsidized student loan for $5,300 at 4.29%. She knows he has the option of beginning repayment of the loan in 4.5 years. She also knows that during this nonpayment time, interest will accrue at 4.29%

If Ramona decides to make no payments during the 4.5 years, the interest will be capitalized at the end of that period.

When you find the monthly payment, your exponent will be​ (a)  

54
12
120
10
4.5

4.

DROPDOWN QUESTION

1 min • 1 pt

Ramona is attending a 4-year college. As a freshman, she was approved for a 10-year, federal unsubsidized student loan for $5,300 at 4.29%. She knows he has the option of beginning repayment of the loan in 4.5 years. She also knows that during this nonpayment time, interest will accrue at 4.29%

If Ramona decides to make no payments during the 4.5 years, the interest will be capitalized at the end of that period.

What does it mean to find the total payment?​ (a)  

multiply monthly payment by 54
add monthly payment to loan amount
multiply monthly payment by 10
multiply monthly payment by 120

5.

DROPDOWN QUESTION

1 min • 1 pt

Ramona is attending a 4-year college. As a freshman, she was approved for a 10-year, federal unsubsidized student loan for $5,300 at 4.29%. She knows he has the option of beginning repayment of the loan in 4.5 years. She also knows that during this nonpayment time, interest will accrue at 4.29%

If Ramona decides to make no payments during the 4.5 years, the interest will be capitalized at the end of that period.

How do you find the interest?​ ​ (a)  

monthly payment-original loan amount
total payments-new loan amount
monthly payment-new loan amount
total payments-original loan amount

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