If Regi took out $25129 student loan at a 8% APR., how much interest will he...

Question

Question

Answer 1

Answer #1

Loan Amount = P = $25129

APR = r = 8%

Tenure of Loan = t = 1 year

Amount to be repaid after 1 year = P(1+r)^t = 25129(1+0.08)¹ = 27139.32

Hence, Interest Paid = Amount Repaid - Loan Amount = 27139.32 - 25129 = $2010.32

Answer 2

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