Spring 2011 - Homework Two

Spring 2011 - Homework Two - Homework Two – Present and...

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Unformatted text preview: Homework Two – Present and Future-Value Analysis Instructions: Submit the file through CourseWeb with your name and student ID as the document title (ie. Joe_Bruin_1020203.xls). You must follow this convention to receive full credit. Please show all work wherever applicable. Backstory Tim has a problem. In order to put himself through college, he's had to take student loans to pay for his tuition and apartment rent. Now that he's out of school, and the grace period of his loans is ending, he needs to devise a plan to pay back all his loans. He shows you a website detailing his student loan information, and you quickly write down summary of the magnitude of his different loans: Loan Type Principal Annual Interest Rate Federal Stafford Loan A $5399.83 5.80% Federal Stafford Loan B $5398.09 5.50% Federal Stafford Loan C $2217.47 6.30% Federal Stafford Loan D $1760.05 5.60% Tim finished school this past December 2010, and his first monthly loan payment is due Feburary 1...
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