Question

Amanda Owes $6,345 in student loans. She does not have the money to pay the monthly payments. At the end of each month, an additional 1.5% penalty of the amount she owes is added to the amount. How much will she owe after 6 months?

Answer 1

$6937.90

Explanation:

$6,345

end of each month, an additional 1.5% added

6 months

6345 * (1+1.5%)^6= 6937.90