Question

Jasmine took out a college loan of $55,000.00 for college for 10 years. The interest rate

is 4 7%. What will the total cost of the loan be for 10 years?

Answer 1

$57,337.50

Explanation:

In order to get the answer we would have to add 55, 000 and 4
`(1)/(4)`% of 55,000 (because of the interest rate). In order to find 4
`(1)/(4)` % we would have to multiply 55, 000 by 0,0425. So now we get the following.

Total cost of the loan = 55,000 + 55,000 x 0.0425 = 55,000 + 2,337.5 =

57,337.5

Answer 2

57,585

Explanation:

55,000.x4.7%=2585.

55000.+2585=57,585