For the total cost of the loans I got $34,119.98 and I'm stuck on how to get the time it would take to pay off the loan after graduation, please show ALL work and have a lot of detail in all the steps too, so I can follow thanks.
5) 4pt. Student loan debt A student borrows $2.000 per quarter at 5%APR interest compounded monthly (.05/12 per month) to help cover tuition and living expenses. The payments are deferred (meaning interest accrues but does not need to be repaid till the student graduates). The student borrows that same amount all 5 years it took to get through engineering school, they take out a new loan every quarter, but they do not attend summer school and do not start repayment till graduation. They take out loans every September 1", January 1 and April 1. Upon graduation the student lands a job and starts repaying the loans. Immediately after graduation July 1 the student pays $500 a month separated evenly toward each the loans (exception the last payment). When it is all over how much do the loans cost (total-loan+intrest)? How long after graduation till the loan is paid off (balance-0)? Note interest is accrued every month for the remainder of the balance
