Antonio's total lifetime cost was $11,680.99.
How to calculate the cost of Antonio's total life time?
Given that Antonio has just graduated from four years of college, and for the last two years, he took out a Stafford loan to pay for his tuition, and each loan had a duration of ten years and interest compounded monthly, and Antonio will pay each of them back by making monthly payments, starting as he graduates, and on Junior Year he borrowed $5,894 at 6.9% per year, and on Senior Year he borrowed $5,258 at 7.5% per year, to determine, once all of his loans are paid off, what will Antonio's total lifetime cost be, the following calculation must be made:
- 5894 x (1 + 0.069/12)^(12x10) = X
- 5894 x 1.00575^120 = X
- 5894 x 1.9897 = X
- 11,727.76 = X
- 5258 x (1 + 0.075)^(12 x 10) = X
- 5258 x 1.00625^120 = X
- 5258 x 2.1120 = X
- 11,105.23 = X
- 11,727.76 - 5894 + 11,105.23 - 5258 = 11,680.99
Therefore, Antonio's total lifetime cost was $11,680.99.
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