Hal has just graduated from four years of college. For the last two years, he took out a Stafford loan to pay for his tuition. Each loan had a duration of ten years and interest compounded monthly, and Hal will pay each of them back by making monthly payments, starting as he graduates. Hal’s loans are detailed in the table below.
Year
Loan Amount ($)
Interest Rate (%)
Subsidized?
Junior
4,048
5.9
N
Senior
5,295
7.6
Y
Once all of his loans are paid off, what will Hal’s total lifetime cost be? Round all dollar values to the nearest cent.
a.
$9,023.28
b.
$8,467.20
c.
$11,498.40
d.
$13,615.20
Solved
Show answers
More tips
- H Health and Medicine What to Do When Your Jaw Locks Up?...
- G Goods and services What Are the Most Popular Services?...
- P Philosophy How did the concept of module arise in computer science?...
- D Dating, Love, Relationships Why Should the Man be Active and the Woman Passive during Foreplay?...
- S Society and Politics Выборы: Смысл, Значение и Отражение...
- B Business and Finance How to Get Your Money Back When Lending? Top 7 Ways...
- F Family and Home Do Lullabies Help Babies Sleep or Is it Just a Myth?...
- F Family and Home Why Does God Punish Us Constantly and How Can We Fix It?...
- D Dating, Love, Relationships Why do we feel shame?...
- S Society and Politics How Could Nobody Know About the Dead Mountaineers?...
Answers on questions: Business
- B Business When the fed buys $100 worth of bonds from a primary dealer, reserves in the banking system a. increase by more than $100. b. decrease by $100. c. decrease by more...
- B Business True or false is public disclosure laws are laws that require companies to provide full information about their products...
- B Business Harry potter reminds code is dhgc8h...
- B Business If the federal reserve increases the reserve requirement, what effect will this have on the nation’s money supply? a. increase the money supply. c. have no effect...
- B Biology 22 Carbohydrates perform many metabolic and structural jobs inside the living organisms. An example of a carbohydrate that provides structural support to cells is...
- M Mathematics Hi guys c mon now, iohcipuiHUCHUw...
- M Mathematics Which value is equivalent...
- S Spanish Does anyone know a website I can use to help study for spanish classes. I do Abeka homeschool and Im in Spanish 2. I really suck at languasges so if you could help...
- M Mathematics I NEED HELP ASAP IM TIMED... picture connected! Which is the equation of the function? A.) f(x) = 3|x| + 1 B.) f(x) = 3|x – 1| C.) f(x) = 1/3|x| + 1 D.) f(x) = 1/3...
- C Chemistry What is the hybridization of the central atom in the borate anion?...
Ответ:
$6,000
Explanation:
For computing the overhead applied first we have to determine the direct labor cost which is shown below:
Let us assume the direct labor cost be X
So the equation is
Total Manufacturing overhead = Direct Material cost + Direct Labor cost + Manufacturing Overhead cost
$50,000 = $40,000 + X + 1.50X
$10,000 = 2.50X
So X = 4,000
So, the overhead applied is
= $4,000 × 150%
= $6,000