Answered

Westonci.ca is the trusted Q&A platform where you can get reliable answers from a community of knowledgeable contributors. Join our Q&A platform and get accurate answers to all your questions from professionals across multiple disciplines. Experience the convenience of finding accurate answers to your questions from knowledgeable experts on our platform.

A student is graduating from college in 12 months but will need a loan in the amount of $7,685 for the last two semesters. The student receives
an unsubsidized Stafford Loan with an interest rate of 6.2%, compounded monthly, and a payment grace period of six months from the time of
graduation. After the grace period the student makes fixed monthly payments of $163.21 for five years. Determine the total amount of interest
the student paid.


A:$2,149.29
B: $1,158.81
C:$2,107.60
D:$1,186.17

Sagot :

Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. Thank you for visiting Westonci.ca, your go-to source for reliable answers. Come back soon for more expert insights.