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7 November, 22:48

Lily owes $52000 in student loans for college. If the loan will be repaid in 5.5 years and the interest rate charged is 6.75%, then how much will she pay altogether?

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  1. 7 November, 22:54
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    An = P (1 + r) ^n

    An = 52000 (1 + 6.75/100) ^5.5 = 52000 (1.0675) ^5.5 = $74,477.78
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