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 $______ .

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- anonymous

- jamiebookeater

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- anonymous

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

- anonymous

ok sorry the wording just throws me off thanks

- anonymous

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

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## More answers

- anonymous

i got 1219.89

- anonymous

thanks alot for your help!

- anonymous

you are welcome!

- anonymous

i had one more question if you have time

- anonymous

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

- anonymous

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

- anonymous

i tried I= PRT but it didnt look right

- anonymous

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?

- anonymous

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

- anonymous

is it 16 months

- anonymous

are you sure?

- anonymous

thats what i counted from sept to the next dec

- anonymous

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?

- anonymous

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

- anonymous

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

- anonymous

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

- anonymous

you would have 42

- anonymous

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

- anonymous

so how many years is 42 months?

- anonymous

3.5 years

- anonymous

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

- anonymous

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

- anonymous

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

- anonymous

it asks how much of what you owe will be interest

- anonymous

so how will you find that?

- anonymous

i got 1071

- anonymous

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

- anonymous

why did you do that?

- anonymous

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

- anonymous

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.

- anonymous

ok thanks i just have zero confidence with math

- anonymous

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

- anonymous

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

- anonymous

you are welcome.

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