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.