Our anonymous correspondent came through. To calculate the interest on repayment of student loans (or damn near any loan, for that matter), an online Student Loan Calculator can be found at CNNMoney.com:http://cgi.money.cnn.com/tools/studentloan/studentloan.html
With the example above, at five percent interest (and you'll be lucky to get that), it would take 27 years and 10 months, and the interest alone would be $76,702. If the payments were doubled to $1000 per month, however, it would take only 9 years and 6 months, with the interest being only $23,036.
And so it goes.
.
No comments:
Post a Comment