Answer:
During the non-payment period of 4.5 years, Rich will accrue interest of $1,525.095.
Step-by-step explanation:
As he knows that he has option of beginning repayment of the loan in 4.5 years at the so at rate of 4.29% of $7,900 interest will be:
After first year: 4.29% of 7900
So, after the tenure of 4.5 years, to find total interest, the interest will be multiplied by 4.5:
=338.91*4.5
=1525.095
