Antonio has just graduated from four years of college. For the last two years, he took out a Stafford loan to pay for his tuitio
n.
Each loan had a duration of ten years and interest compounded monthly. Antonio will pay each of them back by making
monthly payments, starting as he graduates. Antonio's loans are detailed in the table below.
Subsidized?
Year
Junior
Senior
Loan Amount ($)
5,894
5,258
Interest Rate (%)
6.9
7.5
Once all of his loans are paid off, what will Antonio's total lifetime cost be? Round all dollar values to the nearest bent.
a $16,246.80
b. $17,804.40
c. $7,593.16
d $9,874.76
Each loan had a duration of ten years and interest compounded monthly. Antonio will pay each of them back by making
monthly payments, starting as he graduates. Antonio's loans are detailed in the table below.
Subsidized?
Year
Junior
Senior
Loan Amount ($)
5,894
5,258
Interest Rate (%)
6.9
7.5
Once all of his loans are paid off, what will Antonio's total lifetime cost be? Round all dollar values to the nearest bent.
a $16,246.80
b. $17,804.40
c. $7,593.16
d $9,874.76
2 answers:
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Answer:
Initial Fee is $2.
Step-by-step explanation:
Given:
Stops Price (dollars)
3 6.50
7 12.50
11 18.50
Also Given:
The price of a train ticket consists of an initial fee plus a constant fee per stop.
So let the Cost of initial fee be 'x'.
Also Let the Cost of Constant fee be 'y'.
Now Equation can framed as;
Now According to table;
Number of stops = 3
Price = 6.50
So equation can be framed as;
Also According to table;
Number of stops = 7
Price = 12.50
So equation can be framed as;
Now Subtracting equation 1 from equation 2 we get;
Substituting the value of y in equation 1 we get;
Hence Initial Fee is $2.
Here is how to do that conversion...
