Pat receives a series of four annual federally subsidized student loans, each for $570 at 6.8%. To defray rising costs for her senior year, 3 years after acquiring the first loan she takes out a private student loan for $3900 at 7.7% interest with a term of 10 years and capitalizes the interest for her last year of college. She graduates 9 months after getting the private loan. Payments on all loans are deferred until 6 months after graduation. Find her monthly payment.
– find the monthly payment of the federal subsidized loans. Round your answer two decimal places if necessary. The monthly payment on the federally subsidized loan is $
– find the monthly payment on the private loan.
– Find the toal monthly payment for overall loans.
