Question

Samantha has a student loan. The loan amount is $15,000 for 10 years. Her interest rate is 8.25%. How much will Samantha pay each month?

How much will Samantha pay in interest?

Answer 1

The amount paid each month would be 125$

The amount will Samantha pay in interest is $12,375

Step-by-step explanation:

In order to calculate How much will Samantha pay each month we would have to make the following calculation:

loan amount is $15,000 for 10 years

Therefore, amount paid each year would be=$15,000/10=$1,500

Hence, amount paid each month would be=$1,500/12=125$

In order to calculate How much will Samantha pay in interest we would have to make the following calculation:

I=P*r*n

I=$15,000*8.25%*10

I=$12,375

The amount will Samantha pay in interest is $12,375

Answer 2

The amount paid each month would be 125$

The amount will Samantha pay in interest is $12,375

Explanation:

In order to calculate How much will Samantha pay each month we would have to make the following calculation:

loan amount is $15,000 for 10 years

Therefore, amount paid each year would be=$15,000/10=$1,500

Hence, amount paid each month would be=$1,500/12=125$

In order to calculate How much will Samantha pay in interest we would have to make the following calculation:

I=P*r*n

I=$15,000*8.25%*10

I=$12,375

The amount will Samantha pay in interest is $12,375