A student loan program allows college students to borrow money at 7 percent annual interest
compounded monthly. Students do not need to start paying off the loan until they graduate, but the loan
continues to accumulate interest owed during that time. If a student borrows $35,000, how much interest has
accumulated by the time the student graduates four years later?

$46,271.89

Step-by-step explanation:

First, we calculate the effective annual rate(given the annual rate compounded monthly is 7%):

We can now determine the future value of a $35,000 loan at an effective rate of 7.229008% p.a:

Hence, the student has accumulated $46,271.89 at the end of 4 years.

the answer is 844

step-by-step explanation:

it is 844 because if you add 836.50 + 7.5 you will get 844

$30.32

step-by-step explanation:

65.00*.12=2.80

65.00-2.80=57.20

57.20*1.06=60.632

60.632/2=30.316