Question

Maribel was approved for a 7-year private student loan at 6.8% to cover her college costs of $10,900. . Determine her monthly payment. Round to the nearest cent. What is the total amount she will pay back? What is the total interest amount?
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Answer 1

The total interest amount, the total amount to be paid, and her monthly payment over 7 years  is mathematically given as

• X=741.2
• Y=11641.2
• z=138.5857

What is the total amount she will pay back and the total interest amount?

Question Parameters:

Maribel was approved for a 7-year private student loan at 6.8%

costs of $10,900

Generally, the total interest amount   is mathematically

given as

X=10900*0.068

X=741.2

Therefore total amount to be paid is

Y=10900*741.2

Y=11641.2

In conclusion, her monthly payment over 7 years

z=11641.2/(7*12)

z=138.5857

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