After graduation, you receive a statement from your bank describing the total amount of your student loans and the terms for repayment. Your loans total $30,000 and will be repaid monthly over 8 years at an annual rate of 6%.

1. How much interest will you pay over the last 2 years of the loan?

2. What is your loan balance after 6 years?

Round to nearest dollar. Do NOT enter dollar signs.

3. If you make payments of $500 each month, how many years will it take to pay of the loan?

Round to the nearest year.