209k views
0 votes
More than half of all college students end up with some student loan debt. the average college student could end up with a debt of $15,394.00 with an interest rate of 5.6%. how much money will a student with $15,394.00 in student debt need to pay in interest in the first year, assuming that they do not make any loan payments?

User Thom Smith
by
8.2k points

1 Answer

4 votes

Explanation:

To calculate the amount of interest a student with $15,394 in student debt would need to pay in the first year, assuming no loan payments are made, we can multiply the debt by the interest rate:

Interest = Debt * Interest Rate

Debt = $15,394

Interest Rate = 5.6% (0.056 as a decimal)

Interest = $15,394 * 0.056

Using a calculator or a spreadsheet, we can evaluate this expression:

Interest ≈ $861.26

Therefore, a student with $15,394 in student debt would need to pay approximately $861.26 in interest in the first year, assuming no loan payments are made.

User Unheilig
by
7.7k points

No related questions found

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.