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You owe $30,000 on student loans at an annual interest rate of 4.4% compounded monthly. You want to pay off the loan in 11 years.

What will your monthly payments be?

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$287

Step-by-step explanation:

If you start with $30,000 in a savings account earning a 4.4% interest rate, compounded monthly, and make $0 deposits on a monthly basis, after 11 years your savings account will have grown to $48,633 -- of which $30,000 is the total of your beginning balance plus deposits, and $18,633 is the total interest earnings.

$48,633 total

11 x 12 = 132 payments

48,633 / 132 = $368.43 month profit

However that is savings totals if you preferred to save with compound rates same amounts.

Paying loans decreases this value.

4.4

%  Loan Repayment Term (Years)  

11

Reset

Results:

Your Estimated Monthly Payment

$ 287  

Your Total Payment  

$ 37,897  

Your Total Interest Payments

$ 7,897 loan interest

step-by-step explanation:

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