SOLUTION: Andy borrowed $52,000 in student loans for college at 6.5% interest,to be paid back in 10 years. How much interest will he have to pay? How much will he pay back altogether?

Question 1114289: Andy borrowed $52,000 in student loans for college at 6.5% interest,to be paid back in 10 years. How much interest will he have to pay? How much will he pay back altogether?
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
52,000 * 1.065 ^ 10 = 97,611.14819

that's how much he will have to pay back in 10 years, assuming he has made no payments until the 10 years is up.

the total amount of interest he has payed is equal to 97,611.14819 - 52,000 = 45,611.14819.

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