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Randy has a $35,000 student loan with a fixed interest rate of 5.2% compounded monthly for 20 years. What is the total interest Randy will pay if he makes all of his payments on time? Round your answer to the nearest cent. Do not enter a dollar sign in your answer.

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GinnyAnswer

Final answer:

To calculate the total interest Randy will pay on his [tex]$35,000 student loan with a 5.2% fixed interest rate compounded monthly for 20 years, use the formula for compound interest.


Explanation:

Randy has a $[/tex]35,000 student loan with a fixed interest rate of 5.2% compounded monthly for 20 years. To calculate the total interest Randy will pay, we use the formula for compound interest:

A = P(1 + r/n)^(nt)

where A is the amount including interest, P is the principal amount, r is the annual interest rate, n is the number of times that interest is compounded per year, and t is the time in years.


Learn more about Compound Interest here:

https://brainly.com/question/14295570


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