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2) The government is proposing a new program to encourage college students to go into government jobs (teaching and service). The program will help cover the cost of college if you work in the government. With the new program, you would only need to pay back college loans for 10 years, regardless of what you owed. Unfortunately, government salaries are generally lower than those in private industry and pay does not grow as fast.
Assume that you are a freshman entering college and that once you start in government or industry, you stay there for 35 years. Should you consider the new government program?
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Assume you just bought a new home and now have a mortgage on the home. The amount of the principal is $200,000, the loan is at 8.10% APR, and the monthly payments are spread out over 25 years. What is the loan payment? Use a calculator to determin..
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