Question

A student who recently graduated from CSM started paying back her student loan. She originally borrowed $7500 and her monthly payment for the next 10 years will be $95.01. Find the total interest she will pay over the life of the loan. $3901.20$7404.99$6359.88$11,401.20

Answer 1

If she pays $95.01 monthly in a year then she pays $95.01 x12 =$1140.12

In 10 years she will pay $1140.12 x 10 =$11401.2

Over the life of the loan she will pay an interest of $11401.2 - $7500 = $3901.2