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You estimate that you will owe $45,900 in student loans by the time you graduate....

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Question

Finance

You estimate that you will owe $45,900 in student loans by the time you graduate. The interest rate is 4.1 percent. If you want to have this debt paid in full within 15 years, how much must you pay each year?

Yearly payment = $

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Question 2

Now suppose you decide to defer your payments for 3 years. What will the balance of your loans be when you start to make payments?

New balance = $

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Question 3

At this point, how much will you need to pay each year to pay the debt in full over 15 years?

New payment = $

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Question 4

Suppose you want to make up for lost time and pay off your debts within 15 years from graduation, despite the deferral. What annual payment is required to meet this goal?

Annual payment = $

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