## Related questions with answers

Ben has been accepted into a 2-year culinary arts program at the Greenfield Career Institute. He has been approved for a $5,000 unsubsidized 10-year federal loan at 4.29%. He knows he has the option of beginning repayment of the loan in 2.5 years. He also knows that during this nonpayment period, interest will accrue at 4.29%. How much interest will Ben accrue during the 2.5-year nonpayment period?

Solution

VerifiedBen has been accepted into a 2-year culinary arts program at the Greenfield Career Institute. He has been approved for a $5,000$ USD unsubsidized 10-year federal loan at $4.29\%$. He knows he has the option of beginning repayment of the loan in $2.5$ years. He also knows that during this nonpayment period, interest will accrue at$4.29\%$ We have to calculate how much interest will Ben accrue during the 2.5-year nonpayment period.

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