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Radda [10]
3 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]3 years ago
3 0
<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. 

Thank you for posting your question here at brainly. I hope the answer will help you. Feel free to ask more questions.
</span>
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