Question

Jennifer recently finished paying off her $30,000 fixed-rate student loan. She paid $303.73 per month for 10 years to

Answer 1

Answer:

$6,447.60

Step-by-step explanation:

Since Jennifer's monthly payment was $303.73 and she paid this amount each month for 10 years, multiply the monthly payment by the number of months in 10 years, 120, to determine the total amount that she paid.

$303.73×120=$36,447.60

Now, subtract the stated amount of the loan from the total amount paid to find the amount of interest that was paid.

$36,447.60−$30,000=$6,447.60

Therefore, Jennifer paid $6,447.60 in interest through the duration of the loan.