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A student took out an unsubsidized Stafford loan of $ 4 , 0 0 0 for each year of college. Each year, the loan accrues
A student took out an unsubsidized Stafford loan of $ for each year of college. Each year, the loan accrues interest monthly. This student chose not to pay interest along the way, and so when she graduated, she owed more than the original amount borrowed. a How much money does this student borrow in total? b How much interest will accrue on the first year loan throughout college? c How much interest will accrue on the second year loan throughout college? d How much interest will accrue on the third year loan throughout college? e How much interest will accrue on the fourth year loan throughout college? f How much interest will accrue in total while the student is in college total? How much will she end up needing to pay the bank back? g If this student wanted to make monthly interest payments along the way, how much would heshe need to pay each month? This interest payment will be different for each year as it is dependent on how much has been borrowed.
A student took out an unsubsidized Stafford loan of $ for each year of college. Each year, the loan accrues interest monthly. This student chose not to pay interest along the way, and so when she graduated, she owed more than the original amount borrowed.
a How much money does this student borrow in total?
b How much interest will accrue on the first year loan throughout college?
c How much interest will accrue on the second year loan throughout college?
d How much interest will accrue on the third year loan throughout college?
e How much interest will accrue on the fourth year loan throughout college?
f How much interest will accrue in total while the student is in college total? How much will she end up needing to pay the bank back?
g If this student wanted to make monthly interest payments along the way, how much would heshe need to pay each month? This interest payment will be different for each year as it is dependent on how much has been borrowed.
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