Huai takes out a $3100 student loan at 6.7% to help him with 2 years of community college. After finishing the 2 years, he transfers to a state university and borrows another $12,800 to defray expenses for the 5 semesters he needs to graduate. He graduates 4 years and 4 months after acquiring the first loan and payments are deferred for 3 months after graduation. The second loan was acquired 2 years after the first and had an interest rate of 7.7% . Find the total amount of interest that will accrue until payments begin. Part: 0 / 3 0 of 3 Parts Complete Part 1 of 3 (a) Find the total amount of interest that will accrue for loan 1 (community college). The total amount of interest that will accrue for loan 1 (community college) is $ . Round your answer to two decimal places, if necessary. pt 2- find the total amount of interest accured on loan 2? pt 3- find the total amount of interst that will accure is?
Huai takes out a $3100 student loan at 6.7% to help him with 2 years of community college. After finishing the 2 years, he transfers to a state university and borrows another $12,800 to defray expenses for the 5 semesters he needs to graduate. He graduates 4 years and 4 months after acquiring the first loan and payments are deferred for 3 months after graduation. The second loan was acquired 2 years after the first and had an interest rate of 7.7% . Find the total amount of interest that will accrue until payments begin. Part: 0 / 3 0 of 3 Parts Complete Part 1 of 3 (a) Find the total amount of interest that will accrue for loan 1 (community college). The total amount of interest that will accrue for loan 1 (community college) is $ . Round your answer to two decimal places, if necessary. pt 2- find the total amount of interest accured on loan 2? pt 3- find the total amount of interst that will accure is?
Chapter6: Business Expenses
Section: Chapter Questions
Problem 68P
Related questions
Question
100%
Huai takes out a
$3100
student loan at
6.7%
to help him with
2
years of community college. After finishing the
2
years, he transfers to a state university and borrows another
$12,800
to defray expenses for the
5
semesters he needs to graduate. He graduates
4
years and
4
months after acquiring the first loan and payments are deferred for
3
months after graduation. The second loan was acquired
2
years after the first and had an interest rate of
7.7%
. Find the total amount of interest that will accrue until payments begin.
Part: 0 / 3
0 of 3 Parts Complete
Part 1 of 3
(a) Find the total amount of interest that will accrue for loan
(community college).
1
|
The total amount of interest that will accrue for loan
1
$
|
pt 2- find the total amount of interest accured on loan 2?
pt 3- find the total amount of interst that will accure is?
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