Kelsey has acquired a student loan for her last year of school. The loan is $7500 with an interest rate of 4.5% and she plans to pay this of

Question

Kelsey has acquired a student loan for her last year of school. The loan is $7500 with an interest rate of 4.5% and she plans to pay this off in 5 years. Her monthly payment is $139.82. What is her total payback amount and how much interest will she pay on this loan?

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Luna 2 weeks 2021-09-09T07:27:48+00:00 1 Answer 0

Answers ( )

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    2021-09-09T07:29:36+00:00

    Answer:

    Part 1) Her total payback amount is $8,389.20

    Part 2) $889.20

    Step-by-step explanation:

    Part 1) What is her total payback amount

    we know that

    To find out the payback amount, multiply the monthly payment by the number of months

    Remember that

    5 years is equal to 5(12)=60 months

    so

    \$139.82(60)=\$8,389.20

    therefore

    Her total payback amount is $8,389.20

    Part 2) How much interest will she pay on this loan?

    Subtract the amount of the loan from the total payback amount

    so

    \$8,389.20-\$7,500=\$889.20

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