Determine the total cost (future value) and the amount of interest you will pay on your student loans.

Determine the future value of the loan(s) and the total interest paid with the 10-year term. This can be accomplished using Excel.

principle is 23,510

What is the future value of the loan?

What is the total interest paid within 10 years term

10 yr. * 12mo/1yr *$270.55/1mo = 10*12*$270.55= 32,466

                                    - (Total Amount Due= 32,466)

-Total Amount Due= Starting Principal- Interest in Dollars

                                A= P+I

-Percentage towards Principal = Starting Principal/Total Amount Due

                                       23,510/32,466 =0.724142179510* 100 = 72.41%

-Percentage towards Interest = 27.59%

-Total interest paid dollar amount =

                 23,510-32,466= 8,956

Answer rating: 100% (QA)

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