Respuesta :
The Viola’s monthly payment more than the loan is unsubsidized than if the loan is subsidized is $35.05.
What is compound interest?
Compound interest is the amount charged on the principal amount and the accumulated interest with a fixed rate of interest for a time period.
The formula for the final amount with the compound interest formula can be given as,
[tex]A=P\left(1+\dfrac{R}{n\times100}\right)^{nt}[/tex]
Here, A is the final amount (principal plus interest amount) on the principal amount P of with the rate r of in the time period of t.
Viola took out a $8,470 Stafford loan at the beginning of her four-year college career. The loan has a duration of ten years and an interest rate of 7. 5%, compounded monthly.
Put this values in the above formula as,
[tex]A=8470\left(1+\dfrac{7.5}{12\times100}\right)^{12\times 4}\\A=11422.6348[/tex]
For the four years, the monthly payment is,
[tex]m=\dfrac{11422.6348}{4}\\m=237.97[/tex]
The monthly payment of unsubsidized loan is $237.97.
The monthly payment of subsidized loan is $202.80.
The difference between the unsubsidized and subsidized loan monthly payment is,
[tex]d=237.97-202.80\\d=35.17\\d\approx35.05[/tex]
Thus, the Viola’s monthly payment more than the loan is unsubsidized than if the loan is subsidized is $35.05.
Learn more about the compound interest here;
brainly.com/question/24274034
