A student takes out a college loan of $6000 at an annual percentage rate of 4%, compounded monthly. a. If the student makes payments of $400 per month, how much, to the nearest dollar, does the student owe after 6 months?

$ 3720

Explanation:

As per given case of compound interest :

; where

A = Final Amount, P = Principle,  r = rate of interest , t = no. of time periods, n = no. of compounding per time period

Taking: P = 6000 ; t = 6 months , n = 1 (per month) ; r (annual %) = 4% , so r (monthly % ) = 4 / 12 = 0.33% = 0.0033

A = 6000 (1.0200)

A = 6120 [Total Amount Owed]

Amount paid : 400 per month = 400 x 6 =  2400

Amount student still owes = Total amount owed - Amount paid

6120 - 2400

= 3720

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~courtney

brainliest?

forbearance of student loan payments. under forbearance, your loan payments are postponed (or reduced) but interest continues to accrue during the period of forbearance. if you don't pay the interest during that period, the interest may be “capitalized,” which means it is added to your principal balance.