4. (a) A student has a loan of $35,000, which is being charged 7.43% compounded monthly. The amount of each payment for repayment in 10 years is $414.18. After 5 years the student decides to pay off the balance. How much is due? (b) If the student takes the 10 years to pay off the loan, what is the total repayment amount? (c) How much interest is paid? (d) If the loan was repaid over 20 years, what is the monthly payment? (e) For the 20 year repayment plan, what is the total amount paid? (f) For the 20 year repayment plan, what is the total amount of interest paid? 5. (a) Find the monthly payment necessary to amortize a loan of $149,560 at 7.75% for 25 years. (b) Of the total paid, how much is interest? (c) Of the first payment, how much is applied to the principle?
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