9 10
TIME REMAINING
36:18
Horatio has taken out a $12,450 unsubsidized Stafford loan to pay for his four-year undergraduate education. The loan has an interest rate of 7.3%, compounded monthly, and a duration of ten years. Horatio will allow interest capitalization. Making monthly payments, how much interest will Horatio have paid in total by the time the loan is paid in full? Round all dollar values to the nearest cent.
a.
$11,068.80
b.
$5,128.80
c.
$2,962.32
d.
$8,170.08

Please select the best answer from the choices provided

Question

9  10
TIME REMAINING
36:18
Horatio has taken out a $12,450 unsubsidized Stafford loan to pay for his four-year undergraduate education. The loan has an interest rate of 7.3%, compounded monthly, and a duration of ten years. Horatio will allow interest capitalization. Making monthly payments, how much interest will Horatio have paid in total by the time the loan is paid in full? Round all dollar values to the nearest cent.
a.
$11,068.80
b.
$5,128.80
c.
$2,962.32
d.
$8,170.08
 	 
 

Please select the best answer from the choices provided