Business, 30.11.2020 22:30 augestfaith
Toby just graduated from four years of college. At the beginning of each year, he took out a stafford loan with a principal of $6,125. Each loan had a duration of ten years and an interest rate of 5.3%, vompounded monthly. All of yhe loans were subsidized. Toby plans to pay off each loan in monthly installments, starting from his graduation. What is the total lifetime cost for Toby to pay off his 4 loans? Round each loans calculation to the nearest cent.
A. $7,904.04
B. $31,616.16
C. $10,393.82
D. $36,490.25
Answers: 1
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Toby just graduated from four years of college. At the beginning of each year, he took out a staffor...
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