Huai takes out a $3300 student loan at 6.6% to help him with 2 years of community college. After finishing the 2 years, he transfers to a state university and borrows another $12,900 to defray expenses for the 5 semesters he needs to graduate. He graduates 4 years and 4 months after acquiring the first loan and payments are deferred for 3 months after graduation. The second loan was acquired 2 years after the first and had an interest rate of 7.1%. Find the total amount of interest that will accrue until payments begin. Part 1 of 3 (a) Find the total amount of interest that will accrue for loan 1 (community college). The total amount of interest that will accrue for loan 1 (community college) is $ 983.89 Part: 1/3 Part 2 of 3 (b) Find the total amount of interest that will accrue for loan 2 (state university). The total amount of interest that will accrue for loan 2 (state university) is $. Round your answer to two decimal places, if necessary. X
Huai takes out a $3300 student loan at 6.6% to help him with 2 years of community college. After finishing the 2 years, he transfers to a state university and borrows another $12,900 to defray expenses for the 5 semesters he needs to graduate. He graduates 4 years and 4 months after acquiring the first loan and payments are deferred for 3 months after graduation. The second loan was acquired 2 years after the first and had an interest rate of 7.1%. Find the total amount of interest that will accrue until payments begin. Part 1 of 3 (a) Find the total amount of interest that will accrue for loan 1 (community college). The total amount of interest that will accrue for loan 1 (community college) is $ 983.89 Part: 1/3 Part 2 of 3 (b) Find the total amount of interest that will accrue for loan 2 (state university). The total amount of interest that will accrue for loan 2 (state university) is $. Round your answer to two decimal places, if necessary. X
Chapter6: Business Expenses
Section: Chapter Questions
Problem 68P
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Transcribed Image Text:Huai takes out a $3300 student loan at 6.6% to help him with 2 years of community college. After finishing the 2 years, he
transfers to a state university and borrows another $12,900 to defray expenses for the 5 semesters he needs to graduate. He
graduates 4 years and 4 months after acquiring the first loan and payments are deferred for 3 months after graduation. The
second loan was acquired 2 years after the first and had an interest rate of 7.1%. Find the total amount of interest that will accrue
until payments begin.
Part 1 of 3
(a) Find the total amount of interest that will accrue for loan 1 (community college).
The total amount of interest that will accrue for loan 1 (community college) is $983.89
Part: 1/3
Part 2 of 3
(b) Find the total amount of interest that will accrue for loan 2 (state university).
5
The total amount of interest that will accrue for loan 2 (state university) is $. Round
your answer to two decimal places, if necessary.
X
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