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Jake takes out a $15,000 loan @ 4% compounded monthly. Jake…

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Jake takes out a...

Jake takes out a $15,000 loan @ 4% compounded monthly . Jake also has to pay back a college loan @3.5% compounded annually. If he takes 10 years to pay these back, how much total interest will he pay?

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Submitted: 5 months ago.Category: Math Homework
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4/2/2018
Math Tutor or Teacher: Ryan, Engineer replied 5 months ago
Ryan
Ryan, Engineer
Category: Math Homework
Satisfied Customers: 9,186
Experience: B.S. in Civil Engineering
Verified

Hi,

Thank you for using the site. I will be happy to help you with this problem.

What is the amount of the college loan?

Thanks,

Ryan

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Customer reply replied 5 months ago
$25,000
Math Tutor or Teacher: Ryan, Engineer replied 5 months ago

Thank you. I'll have a solution posted for you shortly.

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Customer reply replied 5 months ago
I prefer step by step writing with all assumptions.
Math Tutor or Teacher: Ryan, Engineer replied 5 months ago

No problem.

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Math Tutor or Teacher: Ryan, Engineer replied 5 months ago

Thank you for your patience. Please see the document at the following link for a detailed calculation:

Interest

Please let me know if you have any difficulty accessing the file at that link, and please feel free to ask if you have any questions about this solution.

Thanks,

Ryan

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