Problema Solution
sam takes out a $25,000 student loan to pay his expenses while he is in college. after graduation, he will begin making payments of $167.88 per month for the next 20 years to pay off the loan. how much more will Sam end up paying for the loan than the original value of $25,000?
Answer provided by our tutors
1 year = 12 months
20 years = 20*12 months
20 years = 240 months
$167.88*240 = $40,291.20
Sam will end up paying $40,291.20.