Calculate Molly’s Total Interest Payments On Her Debt Repayment Plan
The total interest paid by Molly depends on: Loan Amount: Higher principal leads to higher interest. Loan Term: Shorter terms reduce interest, as interest accrues over time. Interest Rate: The cost of borrowing; APR (annualized) differs from effective rate (actual). Interest Capitalization: Compound interest (interest on interest) increases interest paid. Payment Frequency: More frequent payments…