Answered

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A student is graduating from college in 12 months but will need a loan in the amount of $7,685 for the last two semesters. The student receives
an unsubsidized Stafford Loan with an interest rate of 6.2%, compounded monthly, and a payment grace period of six months from the time of
graduation. After the grace period the student makes fixed monthly payments of $163.21 for five years. Determine the total amount of interest
the student paid.


A:$2,149.29
B: $1,158.81
C:$2,107.60
D:$1,186.17

Sagot :

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