Name Section Date: September 23 Worksheet 5- Student Loans and Home Loans 1. If the principal balance of a student loan is $6,500 and the interest rate is 6.8% annually, how much simple interest (1-Prt) will accrae in a. 1 Year? b. 1 Day? e c. 30 Day Month: 31 Day Month: For that $6,500 student loan we've been working with: If you start school in August, graduate in May (3 years and 9 months later), and payments begin 6 months after graduation, 2. How much time will pass while interest is accraing a. Years and Months b. The three months are: Month I is days with Month 2 is with days with days Month 3 is c. How much total interest accrues before payments begin? 3. For the 10-ycar student loan we've been working with, determine: a What is the principal amount at the time payments begin? (This includes the original amount borrowed, plus the amount of interest that accrued until payments started)