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9 November, 21:03

Until June 2002, the simple interest rate on Stafford loans to college students was 5.39% while the student was still in college. How much Interest would a student pay on a $1,500 loan for 2 years?

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  1. 9 November, 21:18
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    Principal amount of loan taken by a student = $1500

    Rate of interest charged by the college = 5.39%

    Time for which the loan was taken = 2 years

    Then

    Interest = Principal * Rate of interest * Time

    = 1500 * 5.39% * 2

    = 1500 * (5.39/100) * 2

    = 15 * 5.39 * 2

    = 161.70 dollars

    So the amount of interest that the student needs to pay is $161.70. I hope the procedure is clear enough for you to understand.
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