Student Loans — Quiz Answers

What is a major difference between forbearance and deferment for student loans?

What limitation applies to federal PLUS loans?

Using the formula M=⋅(P⁢(r)/(12)⋅(1+(r)/(12))^12⁢t)/((1+(r)/(12))^12⁢t−1) , what is the monthly payment for a student loan of $⁢18,000 at a 6.5% annual interest rate to be repaid over 10 years?

Using the monthly payment calculation formula M=(P⋅(r)/(12)⋅(1+(r)/(12))^12⁢t)/((1+(r)/(12))^12⁢t−1) , what would be the monthly payment for a loan with a principal of $⁢5,000 , an annual interest rate of 7% , and a term of 5 years?

Which of the following is a benefit of subsidized (Stafford) loans?

Rachael borrowed $⁢6,000 at an annual interest rate of 4.5% and hasn't made any payments for 6 months. How much interest has accrued on her loan? Use the simple interest formula: I=P×r×t

Which statement is true about the federal Perkins loan?

Using the formula I=P×r×t , calculate the interest accrued if Olivia borrowed $⁢9,000 at an annual interest rate of 4% for 1.5 years without making any payments.

If a student borrows $⁢20,000 with an annual interest rate of 3% for 10 years, what is their monthly payment according to the formula M=(P⋅(r)/(12)⋅(1+(r)/(12))^12⁢t)/((1+(r)/(12))^12⁢t−1) ?

Apply the formula M=(P⋅(r)/(12)⋅(1+(r)/(12))^12⁢t)/((1+(r)/(12))^12⁢t−1) to find the monthly repayment for a loan amount of $⁢25,000 at an annual interest rate of 8% for a period of 20 years.