Question

Samantha has a student loan. The loan amount is $15,000 for 10 years. Her interest rate is 8.25%. Use the Loan Calculator (Links to an external site.) to answer the following question. (Do not use commas or dollar signs in your answers.) 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