A community for students.

Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing

anonymous

  • 5 years ago

If you borrow $1000 at 5% interest per year, compounded quarterly, and pay back the principal and interest after four years, the amount that you pay back is $______ .

  • This Question is Closed
  1. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    it is the same as the other problem. you can do this on your own. C'mon!

  2. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    ok sorry the wording just throws me off thanks

  3. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    okay. the best way to learn is to think about what the problem says. good luck!

  4. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    i got 1219.89

  5. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    thanks alot for your help!

  6. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    you are welcome!

  7. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    i had one more question if you have time

  8. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    yes, but you have to think about it. I won't answer it okay?

  9. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    ok i will let me look at it again to make sure its not the same type haha

  10. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    i tried I= PRT but it didnt look right

  11. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Suppose that you take out an unsubsidized Stafford loan on September 1 before your junior year for $4500 and plan to begin paying it back on December 1 after graduation and grace period 27 months later. The interest rate is 6.8%. How much of what you will owe will be interest?

  12. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    ok lets count. how many years and months is sept 1 before junior year to december 1 on graduation?

  13. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    is it 16 months

  14. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    are you sure?

  15. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    thats what i counted from sept to the next dec

  16. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    ok lets see. sept 1 to oct 1 is one month. oct 1 to november 1 is one month. nov.1 to dec.1 is one month. so sept 1 to december 1 is 3 months, correct? and then december 1 to the next december 1 is 12 months. what is the total number of months?

  17. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    oh i messed up on those first 3 months, so its 15

  18. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    so now would you just use the same equation and plug in these numbers?

  19. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    okay and you have a grace period of 27 month additionally. So how many months do you have totally to repay the loan?

  20. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    you would have 42

  21. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Okay. so lets express 42 months in years, since the interest rate is per year I am assuming?

  22. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    so how many years is 42 months?

  23. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    3.5 years

  24. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    okay so now you have years, interest rate and principal amount. Do you need anything else to calculate total amount?

  25. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    well since we are just trying to find interest i think thats all i would need

  26. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    then there you go! But what does the problem ask?

  27. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    it asks how much of what you owe will be interest

  28. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    so how will you find that?

  29. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    i got 1071

  30. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    i did (4500)(.068)(3.5)

  31. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    why did you do that?

  32. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    thats to find the actual interest rate isnt it, hm would i just use compound interest again/ sorry i suck at math

  33. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    no no you are right. you got the correct answer. But you should be able to say why you got that answer. Don't get intimidated by problems.

  34. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    ok thanks i just have zero confidence with math

  35. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    math is simple. If you think step by step and logically, it reduces into smaller bits of problem which you can solve easily.

  36. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    ok ill try, thanks for all your help i really appreciate it

  37. anonymous
    • 5 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    you are welcome.

  38. Not the answer you are looking for?
    Search for more explanations.

    • Attachments:

Ask your own question

Sign Up
Find more explanations on OpenStudy
Privacy Policy

Your question is ready. Sign up for free to start getting answers.

spraguer (Moderator)
5 → View Detailed Profile

is replying to Can someone tell me what button the professor is hitting...

23

  • Teamwork 19 Teammate
  • Problem Solving 19 Hero
  • You have blocked this person.
  • ✔ You're a fan Checking fan status...

Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.

This is the testimonial you wrote.
You haven't written a testimonial for Owlfred.