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Max Borrows $15,500 for Her Last 2 Years of College

Question 9

Multiple Choice

Max borrows $15,500 for her last 2 years of college, acquiring a federal student loan at 8% interest.
Find the amount of interest accrues if she acquires the loan in August, graduates 2 years later, and
Payments begin 3 months later.


A) $2,480.00
B) $2,788.94
C) $2,585.24
D) $2,683.70

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