Rich is attending a 4-year college. As a freshman, he was approved for a 10-
year, federal unsubsidized student loan in the amount of $7,300 at 4.29%.
He knows he has the option of beginning repayment of the loan in 4.5 years.
He also knows that during the nonpayment time, interest will accrue at
4.29%
a. How much interest will Rich accrue during the 4.5 year nonpayment
period?
b. What will be the new principal amount when Rich begins making
payments?