Section 8.4 Student Loans
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3. Darya recently graduated from college and has a total student loan amount
of $20,498. Her monthly payments will be $204.98, and she will make those
payments for ten years. How much interest will Darya pay on her student
loans when they are completely paid off ?
4. Marcel recently graduated from medical school and has a total student loan
amount of $110,475. His monthly payments will be $1,104.75, and he will
make those payments for ten years. How much interest will Marcel pay on
his student loans when they are completely paid off ?
5. Susita is attending an out-of-state university to obtain a four-year degree.
The annual costs of tuition and fees are $27,936. Susita has obtained an
annual scholarship of $2,500, annual grants in the amount of $12,450, and
a work-study program in the amount of $6,550 per year. The remainder of
Susita’s tuition and fees will be paid for using student loans. At the end of
the four-year degree, what will Susita’s student loan balance be?