Antonio has just graduated from four years of college. For the last two years, he took out a Stafford loan to pay for his tuition.
Each loan had a duration of ten years and interest compounded monthly. Antonio will pay each of them back by making
monthly payments, starting as he graduates. Antonio's loans are detailed in the table below.
Subsidized?
Year
Junior
Senior
Loan Amount ($)
5,894
5,258
Interest Rate (%)
6.9
7.5
Once all of his loans are paid off, what will Antonio's total lifetime cost be? Round all dollar values to the nearest bent.
a $16,246.80
b. $17,804.40
c. $7,593.16
d $9,874.76
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