Question 350193: How much interest will be charged on a student loan if $8000 is borrowed for 9 months at a 19.2% annual interest rate? Answer by solver91311(24713) (Show Source):
That depends. Are you making monthly payments with interest accruing monthly on the unpaid balance? Are you paying it all at once at the end of the nine months, and if so, is it simple interest or compounded. If compounded, how frequently?
John
My calculator said it, I believe it, that settles it
