Until june 2002, the simple interest rate on stafford loans to college students was 5.39% while the student was still in college. how much interest would a student pay on a 1500 loan for 2 years?

The interest paid by student is $ 161.7

Solution:

From given question,

Simple interest rate = 5.39 %

Principal amount of loan taken by a student = $1500

Number of years = 2

Interest = ?

The simple interest is given by formula:

Where,

"p" is the principal

"r" is the rate of interest

"n" is the number of years

Substituting the given values in formula,

Thus the interest paid by student is $ 161.7

i'm not sure i quite understand, could you provide more information?

michael scott & dwight schrute

step-by-step explanation:

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