Using simple interest, it is found that Devin will pay $60,125 altogether.
The amount paid in <u>simple interest</u> is:
In which:
- P is the principal.
- r is the interest rate, as a decimal.
- t is the time, in years.
In this problem:
- Owes $26,000 in student loans, thus
- Interest rate of 8.75%, thus
- Paid off in 15 years, thus
.
The amount he will pay is of:
Devin will pay $60,125 altogether.
A similar problem is given at brainly.com/question/13176347