the interest she pays is $7,000
the total amount she pays is $15,200
Jenna borrows $8,000 for college at a simple interest rate of 6%
she has 15 years to pay back the loan and interest
the interest can be calculated as follows
= 6/100 × 8,000
= 0.06 × 8000
= 480
= 480 × 15
= $7200
the total amount she pays can be calculated as follows
= $7200 +$8000
= $15,200
Hence the interest she pays is $7200 and the total amount is $15,200
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