Question

More than half of all college students end up with some student loan debt. the average college student could end up with a debt of $15,394.00 with an interest rate of 5.6%. how much money will a student with $15,394.00 in student debt need to pay in interest in the first year, assuming that they do not make any loan payments?

Answer 1

Explanation:

To calculate the amount of interest a student with $15,394 in student debt would need to pay in the first year, assuming no loan payments are made, we can multiply the debt by the interest rate:

Interest = Debt * Interest Rate

Debt = $15,394

Interest Rate = 5.6% (0.056 as a decimal)

Interest = $15,394 * 0.056

Using a calculator or a spreadsheet, we can evaluate this expression:

Interest ≈ $861.26

Therefore, a student with $15,394 in student debt would need to pay approximately $861.26 in interest in the first year, assuming no loan payments are made.