A student took an Unsubsidized stafford loan of $4,000 for each year of college. Each year the loan accrues monthly. This student chose not to pay interest along the way, and so when she graduated she owed more than the original amount borrowed (5% interest compounded monthly)
A. How much money does this student have in total ?
b. How much interest will accrue on the first-year loan throughout college?
c. How much interest will accrue on the second-year loan throughout college?
d. How much interest will accrue on the third-year loan throughout college?
e. How much interest will accrue on the fourth-year loan throughout college?
f. How much interest will accrue in total while the student is in college total?
g. How much will she end up needing to pay the bank back?