Answer:
18
Step-by-step explanation:
It would cost about $.50 because $8.15 rounds to $8.00, and 8/16 = 0.5
Simple...
you have:

You want to find m-->>>
1.)Isolate m

Leaving you with...
F*

=

Keep isolating m-->>>


Square root to solve what just m is-->>>

=

That is how you solve for m...
Thus, your answer.
The present worth of the loan is <span>$6,250
</span>The start of payment will after 4 years
The nominal interest rate is 6.1% compounded monthly which is equal to 6.27% effective.
The future worth (after graduation) of the loan is
F = <span>$6,250 (1 + 0.0627)^4 = $7,971.18
The interest is
</span>$7,971.18 - $6,250 = $1,721.18
I didn't round off when solving these so it's not the exact answer among the choices but the closest is letter B <span>$1,722.22</span>