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Huai takes out a $2700 student loan at 6,6% to help him with 2 years of community college. After finishing
the 2 years, he transfers to a state university and borrows another $12,800 to defray expenses for the 5
semesters he needs to graduate. He graduates 4 years and 4 months after acquiring the first loan and
payments are deferred for 3 months after graduation. The second loan was acquired 2 years after the first
and had an interest rate of 7.6%. Find the total amount of interest that will accrue until payments begin.
(a) Find the total amount of interest that will accrue for loan 1 (community college).
The total amount of interest that will accrue for loan 1 community college
Round your answer to two decimals if necessary
Sagot :
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