Question

Consider a student loan of ​$22,000 at a fixed APR of ​%6 for 25 years.

Answer 1

$33000

Explanation:

Given data

Principal= ​$22,000

Rate= 6%

Time= 25 years

The interest to be paid is

Simple interest= PRT/100

Simple interest= 22000*6*25/100

Simple interest=3300000/100

Simple interest=$33000

Hence the total simple interest paid is $33000