Student Loan worksheet

1. Monthly payment: $207.27

1. No interest is charged during the grace period, so you start repaying the original balance (P)

   $P$$=\mathrm{\$30,000.00}$

2. Divide the yearly rate by 12 to get the monthly rate (i), because interest is charged each month

   $i$$=\frac{\mathrm{6.75\%}}{12}$$=0.005625$

3. Find the monthly payment. A standard formula gives the one amount that pays off the loan in 300 equal payments

   $\frac{\mathrm{\$30,000.00}\times 0.005625}{1-{\left(1+0.005625\right)}^{\mathrm{-300}}}$$=\mathrm{\$207.27}$

4. Find the total interest: everything you pay, minus the amount you borrowed

   $\mathrm{\$207.27}\times 300-\mathrm{\$30,000.00}$$=\mathrm{\$32,182.04}$

2. Monthly payment: $161.72

1. Work out the interest that builds up over the 6-month grace period: the balance times the monthly rate, for each month

   $\mathrm{\$25,000.00}\times \frac{\mathrm{4.5\%}}{12}\times 6$$=\mathrm{\$562.50}$

2. You repay that interest along with the loan, so add it to the amount you owe (P)

   $\mathrm{\$25,000.00}+\mathrm{\$562.50}$$=\mathrm{\$25,562.50}$

3. Divide the yearly rate by 12 to get the monthly rate (i), because interest is charged each month

   $i$$=\frac{\mathrm{4.5\%}}{12}$$=0.00375$

4. Find the monthly payment. A standard formula gives the one amount that pays off the loan in 240 equal payments

   $\frac{\mathrm{\$25,562.50}\times 0.00375}{1-{\left(1+0.00375\right)}^{\mathrm{-240}}}$$=\mathrm{\$161.72}$

5. Find the total interest: the grace-period interest, plus everything you pay, minus the amount you repay

   $\mathrm{\$562.50}+\mathrm{\$161.72}\times 240-\mathrm{\$25,562.50}$$=\mathrm{\$13,813.04}$

3. Monthly payment: $259.64

1. No interest is charged during the grace period, so you start repaying the original balance (P)

   $P$$=\mathrm{\$27,500.00}$

2. Divide the yearly rate by 12 to get the monthly rate (i), because interest is charged each month

   $i$$=\frac{\mathrm{7.8\%}}{12}$$=0.0065$

3. Find the monthly payment. A standard formula gives the one amount that pays off the loan in 180 equal payments

   $\frac{\mathrm{\$27,500.00}\times 0.0065}{1-{\left(1+0.0065\right)}^{\mathrm{-180}}}$$=\mathrm{\$259.64}$

4. Find the total interest: everything you pay, minus the amount you borrowed

   $\mathrm{\$259.64}\times 180-\mathrm{\$27,500.00}$$=\mathrm{\$19,235.03}$

4. Monthly payment: $249.00

1. Work out the interest that builds up over the 9-month grace period: the balance times the monthly rate, for each month

   $\mathrm{\$25,000.00}\times \frac{\mathrm{7.75\%}}{12}\times 9$$=\mathrm{\$1,453.13}$

2. You repay that interest along with the loan, so add it to the amount you owe (P)

   $\mathrm{\$25,000.00}+\mathrm{\$1,453.13}$$=\mathrm{\$26,453.13}$

3. Divide the yearly rate by 12 to get the monthly rate (i), because interest is charged each month

   $i$$=\frac{\mathrm{7.75\%}}{12}$$=0.00645833$

4. Find the monthly payment. A standard formula gives the one amount that pays off the loan in 180 equal payments

   $\frac{\mathrm{\$26,453.13}\times 0.00645833}{1-{\left(1+0.00645833\right)}^{\mathrm{-180}}}$$=\mathrm{\$249.00}$

5. Find the total interest: the grace-period interest, plus everything you pay, minus the amount you repay

   $\mathrm{\$1,453.13}+\mathrm{\$249.00}\times 180-\mathrm{\$26,453.13}$$=\mathrm{\$19,819.43}$

5. Monthly payment: $193.82

1. No interest is charged during the grace period, so you start repaying the original balance (P)

   $P$$=\mathrm{\$25,000.00}$

2. Divide the yearly rate by 12 to get the monthly rate (i), because interest is charged each month

   $i$$=\frac{\mathrm{7\%}}{12}$$=0.00583333$

3. Find the monthly payment. A standard formula gives the one amount that pays off the loan in 240 equal payments

   $\frac{\mathrm{\$25,000.00}\times 0.00583333}{1-{\left(1+0.00583333\right)}^{\mathrm{-240}}}$$=\mathrm{\$193.82}$

4. Find the total interest: everything you pay, minus the amount you borrowed

   $\mathrm{\$193.82}\times 240-\mathrm{\$25,000.00}$$=\mathrm{\$21,517.94}$

6. Monthly payment: $175.56

1. Work out the interest that builds up over the 6-month grace period: the balance times the monthly rate, for each month

   $\mathrm{\$24,000.00}\times \frac{\mathrm{7\%}}{12}\times 6$$=\mathrm{\$840.00}$

2. You repay that interest along with the loan, so add it to the amount you owe (P)

   $\mathrm{\$24,000.00}+\mathrm{\$840.00}$$=\mathrm{\$24,840.00}$

3. Divide the yearly rate by 12 to get the monthly rate (i), because interest is charged each month

   $i$$=\frac{\mathrm{7\%}}{12}$$=0.00583333$

4. Find the monthly payment. A standard formula gives the one amount that pays off the loan in 300 equal payments

   $\frac{\mathrm{\$24,840.00}\times 0.00583333}{1-{\left(1+0.00583333\right)}^{\mathrm{-300}}}$$=\mathrm{\$175.56}$

5. Find the total interest: the grace-period interest, plus everything you pay, minus the amount you repay

   $\mathrm{\$840.00}+\mathrm{\$175.56}\times 300-\mathrm{\$24,840.00}$$=\mathrm{\$28,669.19}$

7. Monthly payment: $173.07

1. Work out the interest that builds up over the 6-month grace period: the balance times the monthly rate, for each month

   $\mathrm{\$28,000.00}\times \frac{\mathrm{4\%}}{12}\times 6$$=\mathrm{\$560.00}$

2. You repay that interest along with the loan, so add it to the amount you owe (P)

   $\mathrm{\$28,000.00}+\mathrm{\$560.00}$$=\mathrm{\$28,560.00}$

3. Divide the yearly rate by 12 to get the monthly rate (i), because interest is charged each month

   $i$$=\frac{\mathrm{4\%}}{12}$$=0.00333333$

4. Find the monthly payment. A standard formula gives the one amount that pays off the loan in 240 equal payments

   $\frac{\mathrm{\$28,560.00}\times 0.00333333}{1-{\left(1+0.00333333\right)}^{\mathrm{-240}}}$$=\mathrm{\$173.07}$

5. Find the total interest: the grace-period interest, plus everything you pay, minus the amount you repay

   $\mathrm{\$560.00}+\mathrm{\$173.07}\times 240-\mathrm{\$28,560.00}$$=\mathrm{\$13,536.32}$

8. Monthly payment: $272.71

1. No interest is charged during the grace period, so you start repaying the original balance (P)

   $P$$=\mathrm{\$37,500.00}$

2. Divide the yearly rate by 12 to get the monthly rate (i), because interest is charged each month

   $i$$=\frac{\mathrm{3.75\%}}{12}$$=0.003125$

3. Find the monthly payment. A standard formula gives the one amount that pays off the loan in 180 equal payments

   $\frac{\mathrm{\$37,500.00}\times 0.003125}{1-{\left(1+0.003125\right)}^{\mathrm{-180}}}$$=\mathrm{\$272.71}$

4. Find the total interest: everything you pay, minus the amount you borrowed

   $\mathrm{\$272.71}\times 180-\mathrm{\$37,500.00}$$=\mathrm{\$11,587.51}$

9. Monthly payment: $219.40

1. No interest is charged during the grace period, so you start repaying the original balance (P)

   $P$$=\mathrm{\$26,000.00}$

2. Divide the yearly rate by 12 to get the monthly rate (i), because interest is charged each month

   $i$$=\frac{\mathrm{6\%}}{12}$$=0.005$

3. Find the monthly payment. A standard formula gives the one amount that pays off the loan in 180 equal payments

   $\frac{\mathrm{\$26,000.00}\times 0.005}{1-{\left(1+0.005\right)}^{\mathrm{-180}}}$$=\mathrm{\$219.40}$

4. Find the total interest: everything you pay, minus the amount you borrowed

   $\mathrm{\$219.40}\times 180-\mathrm{\$26,000.00}$$=\mathrm{\$13,492.50}$

10. Monthly payment: $262.48

1. Work out the interest that builds up over the 6-month grace period: the balance times the monthly rate, for each month

   $\mathrm{\$22,500.00}\times \frac{\mathrm{6.4\%}}{12}\times 6$$=\mathrm{\$720.00}$

2. You repay that interest along with the loan, so add it to the amount you owe (P)

   $\mathrm{\$22,500.00}+\mathrm{\$720.00}$$=\mathrm{\$23,220.00}$

3. Divide the yearly rate by 12 to get the monthly rate (i), because interest is charged each month

   $i$$=\frac{\mathrm{6.4\%}}{12}$$=0.00533333$

4. Find the monthly payment. A standard formula gives the one amount that pays off the loan in 120 equal payments

   $\frac{\mathrm{\$23,220.00}\times 0.00533333}{1-{\left(1+0.00533333\right)}^{\mathrm{-120}}}$$=\mathrm{\$262.48}$

5. Find the total interest: the grace-period interest, plus everything you pay, minus the amount you repay

   $\mathrm{\$720.00}+\mathrm{\$262.48}\times 120-\mathrm{\$23,220.00}$$=\mathrm{\$8,997.42}$