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Question - Huai takes out a $ 3200 student loan at 6.2% to help him with 2 years of community college. After finishing the 2 years, he transfers to a state university and borrows another $12,500 to defray expenses for the 5 semesters he needs to graduate. He graduates 4 years and 4 months after acquiring the first loan and payments are deferred for 3 months after graduation. The second loan was acquired 2 years after the first and had an interest rate of 7.9%.
Required -
-Find the total amount of interest accrue for Loan 1 (Community College).
-Find the total amount of interest accrue for Loan 2 (State University).
-Find the total amount of interest you will accrue?
Financial Statement Analysis and Preparation
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