Given info Student loan Annual 14667 4 year total 58558 Interest 4.45% Home Buying home in 7 years which is 4...

70.2K

Verified Solution

Question

Finance

Given info
Student loan
Annual 14667
4 year total 58558
Interest 4.45%
Home
Buying home in 7 years which is 4 years after graduation
30 year mortgage fixed interest 4.37%
House is 450kwith 15% downpayment
Cost of living
Utilities monthly
Electric 45
Phone 25
Internet/cable 115
Water 50
Natural gas 120
Gas 350
Food 400
Rent 0
Yearly expenses
Technology 1000
Car maintenance 500
Clothes 1000
Vacation 1000
Bar/clubs 1000
Salary
65k plus 5k for inflation 70k
First, let's compute your monthly (don't forget to modify yourinterest rate, for monthly compounding!!) debt of the student loan.Your payments will start on September 2022 and nish on September2032. Please compute your monthly payment (using the assumptions oryour real data [amount loaned, interest rate and duration]) and thetotal interest you will pay.
2. Compute the monthly payment of your house and the totalinterest you will pay on it. You have until 2025 to get the moneyfor the down payment and you will start paying your mortgage onSeptember 2025 and continue until September 2055. Compute the totalinterest you will pay.

Answer & Explanation Solved by verified expert

4.1 Ratings (666 Votes)

Part 1 Student loan payment Annual 14667 Monthly payment 14667 12 122225 Interest 445 Interest rate per month 44512 00037 Your payments will start on September 2022 and See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member

Transcribed Image Text

Given infoStudent loanAnnual 146674 year total 58558Interest 4.45%HomeBuying home in 7 years which is 4 years after graduation30 year mortgage fixed interest 4.37%House is 450kwith 15% downpaymentCost of livingUtilities monthlyElectric 45Phone 25Internet/cable 115Water 50Natural gas 120Gas 350Food 400Rent 0Yearly expensesTechnology 1000Car maintenance 500Clothes 1000Vacation 1000Bar/clubs 1000Salary65k plus 5k for inflation 70kFirst, let's compute your monthly (don't forget to modify yourinterest rate, for monthly compounding!!) debt of the student loan.Your payments will start on September 2022 and nish on September2032. Please compute your monthly payment (using the assumptions oryour real data [amount loaned, interest rate and duration]) and thetotal interest you will pay.2. Compute the monthly payment of your house and the totalinterest you will pay on it. You have until 2025 to get the moneyfor the down payment and you will start paying your mortgage onSeptember 2025 and continue until September 2055. Compute the totalinterest you will pay.