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If Rayn took out $21,823, 10-year, student loan at a 6% APR., using simple interest rate, how much interest will he be charged after 10 years? (Round your answer to two decimal points)
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If Rayn took out $21,823, 10-year, student

loan at a 6% APR., using simple interest rate,
how much interest will he be charged after 10
years? (Round your answer to two decimal
points)

User Sebastian Walla
by
7.8k points

1 Answer

1 vote

Answer:The remaining term of the loan is 9 years and 10 months. By paying an extra $150.00 per month, the loan will be paid off in 6 years and 2 months. It is 3 years and 8 months earlier. This results in savings of $4,421.28 in interest payments.

Step-by-step explanation:

User Alesss
by
7.5k points
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