document.write( "Question 1198909: Suppose that your unsubsidized Stafford loans plus accumulated interest total $ 35000 at the time you start repayment, the interest rate is 6% APR, and you elect the standard repayment plan of a fixed amount each month for 10 years. What is your monthly repayment?
\n" ); document.write( "Repayment amount = \r
\n" ); document.write( "\n" ); document.write( "How much will you pay in interest?
\n" ); document.write( "Interest paid = \n" ); document.write( "
Algebra.Com's Answer #833167 by Theo(13342)\"\" \"About 
You can put this solution on YOUR website!
amount of loan is 35000.
\n" ); document.write( "interest rate is 6% per year.
\n" ); document.write( "loan term is 10 years.
\n" ); document.write( "payments are made at the end of each month.
\n" ); document.write( "interest rate is compounded monthly.
\n" ); document.write( "6% / 12 = .5% per month
\n" ); document.write( "number of months = 10 * 12 = 120
\n" ); document.write( "monthly payment is 388.57
\n" ); document.write( "that's your answer.\r
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "i used the calculator at https://arachnoid.com/finance/\r
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "results from using that calculator are shown below:\r
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "\r
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "the number of time periods is 10 years * 12 = 120 months.
\n" ); document.write( "the interest rate is 6% / 12 = .5% per month.
\n" ); document.write( "loan is positive because it's money received.
\n" ); document.write( "loan payment is negative because it's money spent.
\n" ); document.write( " \n" ); document.write( "
\n" );