Question

Jack takes out a student loan for $6,000 at a simple interest rate of 11.3% per year. How much total

interest will Jack owe at the end of 6 years? Assume he does not make any payments during that time?

Answer 1

Explanation:

6000

100+11.3÷100=1.113

6000x1.113(^6)

=

11405.71

or 11405.70

Answer 2

$10,068

Explanation: