Question

(Student Loans LC)

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 with a payment grace period of six months from the time of graduation. After the grace period the student makes fixed monthly payments of $198.80 for four years. Determine the total amount of interest the student paid.

$1,221.13
$1,857.40
$2,190.75
$2,181.19

Answer 1

its neither one of them.....

Answer 2

I got $2, 149.29

Answer 3

Closest possible answer is c

Answer 4

yeah I have no idea I thought it was $ 2, 149.29 but its wrong apperentlz

Answer 5

yeah. has to be a choice lol.

Answer 6

I believe it would be c, it's the closest one

Answer 7

kk thx :)

Answer 8

Np

Answer 9

yeah c is the closet possible answer