You borrowed $20,000 for each year to pay for tuition at college for four years.

a. How much is your total student loan balance when you graduate with a 6% interest rate?

b. How much will be your payment if you pay it off in five years, seven years and ten years?

c. If you borrow an additional $20,000 at the start of Junior year to go on a study abroad trip, what will be your student loan balance when you graduate with a 6% interest rate? And what will be your monthly payments if you pay it off in five years, seven years and ten years?

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