Haley borrowed $12,400 for college tuition at an annual interest rate of 6%.
She paid the loan back at the end of 10 years.
What was the total payment after 10 years?
To calculate the total payment after 10 years, we need to determine the total amount of interest paid as well as the amount borrowed.
The total interest paid can be found by multiplying the initial loan amount ($12,400) by the annual interest rate (6%) and the length of the loan (10 years).
So the total interest paid is 12,400 * 0.06 * 10 = $7,440.
To determine the total payment after 10 years, we need to add the initial loan amount to the total interest paid.
Therefore, the total payment after 10 years is 12,400 + 7,440 = $19,840.