Mathematics, 10.04.2020 18:34 Renebebe1

Callie and Derek forgot to start a savings plan when their son was born. Now Junior is 18 and they have to take out a loan for $60,000. The Federal Parent Plus Loan rate is 7%, but the Federal student loan rate is 4.45%, do Callie and Derek get the loan in Junior's name. What will be the monthly payment assuming the loan will spread out over 10 years? How much will be paid in total over the life of the loan? How much will be paid in interest?

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