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Naika took out a $29,300 5 year Federal Loan with an interest rate of 3.22%. She will
have to pay the loan back when she graduates in 4 years. The loan also gives her a
grace period of 12 months after graduation before she has to start making payments.
How much interest will accrue before she begins making payments on the loan?

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sqdancefan

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Answer:

  $4717.30

Step-by-step explanation:

Assuming the interest is capitalized only at the start of repayment, the accrued interest is ...

  I = Prt

  I = ($29,300)(0.0322)(4 +1) = $4717.30

The accrued interest is $4717.30.

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