This is step 1/3

= 2 3 4 = 5 = 6 = 7 =8 =9 =10 Huai takes out a $2800 student loan at 6.2% to help him with 2 years of community college. After finishing the 2 years, he transfers to a state university and borrows another $12,800 to defray expenses for the 5 semesters he needs to graduate. He graduates 4 years and 4 months after acquiring the first loan and payments are deferred for 3 months after graduation. The second loan was acquired 2 years after the first and had an interest rate of 7.1%. Find the total amount of interest that will accrue until payments begin. Part: 0 / 3 Part 1 of 3 (a) Find the total amount of interest that will accrue for loan 1 (community college). The total amount of interest that will accrue for loan 1 (community college) is $ Round your answer to two decimal X places, if necessary