Question

Jodi owes $38,000 in students loans for college. The interest rate is 7.25% and the loan will be paid off over 10 years. How much will Jodi pay TOTAL?

Answer 1

Answer:   Jodi will pay $65,550.00 in total.

Steps:   7.25% of $38,000 is $2,755.00

Multiply 2,755.00 times 10:      2,755 × 10 =  27,550

$38,000.00 + $27,550.00 = $65,550.00

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Answer 2

Answer:

Jodi will have to pay $38,000 in principal plus $27,550 in interest for a total of $65,550.00.

Step-by-step explanation:

Solution:

P = $38,000, R = 7.25% and T = 10

I = P*R*T

I = (38000)*(.0725)*(10) = $27,550.00

Answer: Jodi will have to pay $38,000 in principal plus $27,550 in interest for a total of $65,550.00.