Compound Interest To offset college expenses, at the beginning of your freshman year you obtain a nonsubsidized student loan for $15,000. Interest on this loan accrues at a rate of 4.15% compounded monthly. However, you do not have to make any payments against either the principal or the interest until after you graduate.
a. Write a model giving the total amount you will owe on this loan after t years in college.
b. What is the APR?
c. What is the APY?
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