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Andy took out an unsubsidized student loan of $11,000 at a 7.2% APR, compounded monthly, to pay for his last two semesters of college. If he will begin paying off the loan in 15…

Andy took out an unsubsidized student loan of $11,000 at a 7.2% APR, compounded monthly, to pay for his last two semesters of college. If he will begin paying off the loan in 15…
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Andy took out an unsubsidized student loan of $11,000 at a 7.2% APR, compounded monthly, to pay for his last two semesters of college. If he will begin paying off the loan in 15 months, how much will he owe when he begins making payments?

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User John Leimon
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2 Answers

5 votes

$12,032.68, since Andy is responsible for the interest on the loan that accrues before he starts making payments.

answered
User Taketwo
by
8.1k points
3 votes

Answer:

$12,032.68, since Andy is responsible for the interest on the loan that accrues before he starts making payments. - APEX

Step-by-step explanation:

answered
User Farridav
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9.0k points
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