Edgar has taken out a $6,250 unsubsidized Stafford loan to fund his four-year undergraduate degree. The loan has a duration of 1
0 years and an interest rate of 6.1%, compounded monthly. How much interest capitalization will have accrued by the time Edgar graduates? Round all dollar values to the nearest cent. a.
$1,670.30
b.
$1,722.22
c.
$664.35
d.
$1,524.96
Please select the best answer from the choices provided.
