Rich is attending a 4 year college as a freshman he was approved for a 10year federal unsubsized student loan in the amount of 7,900 at 4 29 he knows he has the option of beginning repayment of the loan in 4.5 years he also knows that during this non payment time interest will accure at 4.29 suppose that rich had decided to apply for a private loan rgather then a federal loan he is considering a 10 year loan with an interest rate of 5.9 determine his monthly payment what is the total amount he will pay back what is the total interest amount

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