Question

Hual takes out a $3200 student loan at 6.4% to help him with 2 years of community college. After finishing the 2 years, he transfers to a state university and

borrows another $12,400 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) is $_____ Round your answer to two decimal
places, if necessary.
Part 2 of 3
A ALEKS-Erika Ramirez - Test 2-Chapter 7
(b) Find the total amount of interest that will accrue for loan 2 (state university).
The total amount of interest that will accrue for loan 2 (state university) is $____

Answer 1

a) $4096 b) $1884,8 ■■ im not 100% sure

Explanation:

a) 3200×0.064×2=$4096 in intrest

b) 12,400×0.076×2=$1884,8 in intrest