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For Problems 9–12, for the given student loan, find the interest that accrues in a 30-day month, then find the total amount of interest that will accrue before regular payments begin, again using...

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For Problems 9–12, for the given student loan, find the interest that accrues in a 30-day month, then find the total amount of interest that will accrue before regular payments begin, again using 30-day months. 9. $7,200 at 6.8% interest; student graduates 3 years and 9 months after loan is acquired; payments deferred for 6 months after graduation 10. $11,500 at 6.8% interest; student graduates 2 years after loan is acquired; payments deferred for 3 months after graduation 11. $21,500 at 6.2% interest; student graduates 4 years after loan is acquired; payments deferred for 3 months after graduation 12. $16,500 at 6.2% interest; student graduates 1 year and 9 months after loan is acquired; payments deferred for 6 months after graduation
Extracted text: For Problems 9–12, for the given student loan, find the interest that accrues in a 30-day month, then find the total amount of interest that will accrue before regular payments begin, again using 30-day months. 9. $7,200 at 6.8% interest; student graduates 3 years and 9 months after loan is acquired; payments deferred for 6 months after graduation 10. $11,500 at 6.8% interest; student graduates 2 years after loan is acquired; payments deferred for 3 months after graduation 11. $21,500 at 6.2% interest; student graduates 4 years after loan is acquired; payments deferred for 3 months after graduation 12. $16,500 at 6.2% interest; student graduates 1 year and 9 months after loan is acquired; payments deferred for 6 months after graduation
Answered 98 days After Jun 06, 2022

Solution

Baljit answered on Sep 13 2022
68 Votes
FINANCE AND INTEREST RATE
9. In this question
Principle amount i.e. amount on which loan taken (P) =$ 7200
Rate of interest (R) =6.8%
Since we have to calculate the interest for the time period before regular payment     begins
So time period for interest Calculation = Graduation period + Grace time period
Here Grace time period is time after graduation for which payments are defe
ed
In our Case Total time for interest calculation (T)= 3 Year 9 months+ 6months
So Total time (T) in months=51 months
Since we are assuming 30 days month so total days in a year =12*30=360 Days
We know Simple Interest (I)=(Principle*Rate of Interest*Total Time)/100
Per day simple interest (I)=(Principle*Rate of Interest*Total...
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