Loan Amortization Table
Suppose that you borrowed $20,000 student loans to attend UMD. When you attend the school, you do not need to pay interest on your loan. However, once you graduate, you are required to start paying your loan and interest. The APR for your loan is 6.8%. Each month you will have to make interest payment and principal repayment.
1) If you choose the standard repayment plan, you will have to pay off your loan in 10 years with the same amount of payment each month. Then, how much is your monthly payment? Also, prepare your loan amortization table to calculate how much interest you will pay in total when you pay off your loan.
2) If you choose the fixed extended repayment plan, you will be allowed to pay off your loan in 25 years with the same amount of payment each month. Then, how much is your monthly payment? Also, prepare your loan amortization table to calculate how much interest you will pay in total when you pay off your loan.
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