Kate took out a subsidized Stafford loan worth $9,710 to pay for college. The interest rate on the loan was 5.9%, compounded mo

Question

2 years ago

6

Kate took out a subsidized Stafford loan worth $9,710 to pay for college. The interest rate on the loan was 5.9%, compounded mo

nthly. It took Kate 5 years to pay off the loan after graduation. What portion of the total amount she paid represented the interest?

Mathematics

1 answer:

NikAS [45] · Answer 1 · 2022-07-30T11:04:38+03:00

<span>If Kate took out a loan of $9,710 and it took her 5 years to pay off she would have to pay 60 months of interest. Given that, the interest rate of 5.9% would of been $572.89 the first month. Use this information to find the answer.

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