A student is graduating from college in 12 months but will need a loan in the amount of 7,685 for the last two semesters. The student receives an unsubsidized Stafford Loan with an
interest rate of 6.2% compounded monthly, and a payment grace period of six months from the time of graduation. After the grace period the student makes fixed monthly payments of
163.21 for five years. Determine the total amount of interest the student paid.
2,149.29
1,158.81
2,107.60
1,186.17