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Find the total amount of interest that will accrue for loan

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Question - Huai takes out a $3100 student loan at 6.6% 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 7.7%. Find the total amount of interest that will accrue until payments begin.

a) Find the total amount of interest that will accrue for loan 1 (community college).

b) Find the total amount of interest that will accure for loan 2 (State College)

c) What is total amount of accure loans?

Reference no: EM132931674

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