At the beginning of each of her four years in college, miranda took out a new stafford loan. each loan had a principal of $5,500, an interest rate of 7.5% compounded monthly, and a duration of ten years. miranda paid off each loan by making constant monthly payments, starting with when she graduated. all of the loans were subsidized. what is the total lifetime cost for miranda to pay off her 4 loans? round each loan's calculation to the nearest cent. a. $23,650.00 b. $29,481.08 c. $7,834.32 d. $31,337.27 economics

D. $31,337.27

Step-by-step explanation:

D. $31,337.27

Step-by-step explanation:

We have that the initial amount of the loan is $5500.

Miranda took the loan for 4 years. So, the total present value is $5500×4 = $22,000.

The rate of interest on the loan is 7.5% i.e. 0.075 and it was for the duration of 10 years.

Also, it is given that the loan was compounded annually.

We have the formula as,

i.e.

Substituting the values, we get,

i.e.

i.e.

i.e.

i.e.

i.e.

i.e.

i.e.

i.e.

Thus, the total lifetime cost to pay of the loans compounded annually  = 261.16 × 120 = $31,339.2

Hence, the total cost close to the answer is $31,337.27

a. the are of the rectangle is 18.25

b. 18.25 times two is 36.50

rae me : d

there are no choices to this, can you give us some choices so that i can answer it

step-by-step explanation: