Susan decided to apply for a private loan rather than a federal loan. She is considering a 10-year $7900 loan with an interest rate of 5.9%.

Amount of loan pay = $14014.70 (Approx.)

Explanation:

Given:

Amount of loan taken = $7,900

Interest rate = 5.9% = 0.059

Number of year = 10

Find:

Amount of loan pay

Computation:

A = P[1+r]ⁿ

Amount of loan pay = Amount of loan taken[1+r]ⁿ

Amount of loan pay = 7,900[1+0.059]¹⁰

Amount of loan pay = 7,900[1.059]¹⁰

Amount of loan pay = $14014.70 (Approx.)

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