Answer:
Jeffery Wei received a 7-year non-subsidized student loan of $32,000 at an annual interest rate of 5.2%. However, he will graduate in 4 years, which means he will only have to make payments for the remaining 3 years of the loan.
To calculate the monthly loan payments, we can use the formula for calculating the payment on a loan:
Payment = (P * r * (1 + r)^n) / ((1 + r)^n - 1)
where P is the principal (the amount borrowed), r is the monthly interest rate (the annual interest rate divided by 12), and n is the total number of payments (the number of years remaining times 12).
First, we need to calculate the monthly interest rate:
r = 5.2% / 12 = 0.0043333
Next, we need to calculate the total number of payments:
n = 3 * 12 = 36
Now, we can plug in the values:
Payment = (32,000 * 0.0043333 * (1 + 0.0043333)^36) / ((1 + 0.0043333)^36 - 1) = $952.89
Therefore, Jeffery's monthly loan payment after he graduates in 4 years will be $952.89.