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What is the difference in total interest accumulated

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Question - A lump-sum loan of $15,000 is needed by Chandra to pay for college expenses. She has obtained  small consumer loans with 10% interest per year in the past to help pay for college. But her father has advised her to apply for a PLUS student loan charging only 7% interest per year. If the loan will be repaid in full in 5 years, what is the difference in total interest accumulated by these two types of student loans?

Reference no: EM132744714

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