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it is the same as the other problem. you can do this on your own. C'mon!
ok sorry the wording just throws me off thanks
okay. the best way to learn is to think about what the problem says. good luck!
i got 1219.89
thanks alot for your help!
you are welcome!
i had one more question if you have time
yes, but you have to think about it. I won't answer it okay?
ok i will let me look at it again to make sure its not the same type haha
i tried I= PRT but it didnt look right
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?
ok lets count. how many years and months is sept 1 before junior year to december 1 on graduation?
is it 16 months
are you sure?
thats what i counted from sept to the next dec
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?
oh i messed up on those first 3 months, so its 15
so now would you just use the same equation and plug in these numbers?
okay and you have a grace period of 27 month additionally. So how many months do you have totally to repay the loan?
you would have 42
Okay. so lets express 42 months in years, since the interest rate is per year I am assuming?
so how many years is 42 months?
okay so now you have years, interest rate and principal amount. Do you need anything else to calculate total amount?
well since we are just trying to find interest i think thats all i would need
then there you go! But what does the problem ask?
it asks how much of what you owe will be interest
so how will you find that?
i got 1071
i did (4500)(.068)(3.5)
why did you do that?
thats to find the actual interest rate isnt it, hm would i just use compound interest again/ sorry i suck at math
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.
ok thanks i just have zero confidence with math
math is simple. If you think step by step and logically, it reduces into smaller bits of problem which you can solve easily.
ok ill try, thanks for all your help i really appreciate it
you are welcome.