Emily finished college with $29,870 in student loans. She elects standard repayment at 4.025% APR. How much interest will Emily pay on her first loan repayment?
To calculate the interest that Emily will pay on her first loan repayment, we need to know the loan amount, the interest rate, and the time period for the repayment.
In this case, we know that Emily's student loan amount is $29,870, and the interest rate is 4.025% APR (Annual Percentage Rate).
To calculate the interest for the first loan repayment, we need to determine the time period. Since it's not specified in the question, let's assume that the loan term is one year.
Now, let's calculate the interest using the following formula:
Interest = (Loan Amount) * (Interest Rate)
Plugging in the numbers:
Interest = $29,870 * (4.025 / 100)
Calculating this, we get:
Interest = $1,202.29
Therefore, Emily will pay $1,202.29 in interest on her first loan repayment.