Mathematics

2 April, 19:14

Randy took out a subsidized student loan of $7,000 at a 3.6% APR, compounded monthly, to pay for his last semester of college. If he will begin paying off the loan in 10 months with monthly payments lasting for 20 years, what will be the total amount that he pays in interest on the loan?

A.) 10,128.00

B.) 9,830.40

C.) 2,830.40

D.) 3,128.00

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