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How much do they owe

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Question - College student is trying to figure out what the combined value of a student loan will be that works like the following table. If they graduate after 4 years of college and have to start paying it back 4 years from the day they start college and if the interest rate is 2.3%. How much do they owe when they have to start paying it back?

Start of College they take out a $15,000 loan

Start of 2nd year of college they take out a $20,000 loan

Start of the 3rd year of college they take out a $20,000 loan

Start of the 4th year of college they take out a $25,000 loan

Reference no: EM133061974

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