For a $3800, 5-year 8% loan with monthly payments, how much will you pay in total interest over the life of the loan? Kimberly graduated from college with $35000 in student loan debt. The annual rate on her loans is 6 percent simple interest, and she will make monthly payments for 10 years. What is the remaining balance on her loan after five years, or 60 months? (Hint: Use the amortization function on your financial calculator or Excel Worksheet 5.6.)