Jack takes out a student loan for $6,000 at a simple interest rate of 11.3% per year. How much total interest will Jack owe at the end of 6 years? Assume he does not make any payments during that time?

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asked Oct 16, 2021 136k views

2 votes

Jack takes out a student loan for $6,000 at a simple interest rate of 11.3% per year. How much total

interest will Jack owe at the end of 6 years? Assume he does not make any payments during that time?

Mathematics
high-school

Hamdi Baligh asked

by Hamdi Baligh

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2 Answers

3 votes

Explanation:

6000

100+11.3÷100=1.113

6000x1.113(^6)

11405.71

or 11405.70

BordiArt answered Oct 18, 2021

by BordiArt

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1 vote

Answer:

$10,068

Explanation:

Lisa Ta answered Oct 23, 2021

by Lisa Ta

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