anonymous
  • anonymous
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 $______ .
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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katieb
  • katieb
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anonymous
  • anonymous
it is the same as the other problem. you can do this on your own. C'mon!
anonymous
  • anonymous
ok sorry the wording just throws me off thanks
anonymous
  • anonymous
okay. the best way to learn is to think about what the problem says. good luck!

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More answers

anonymous
  • anonymous
i got 1219.89
anonymous
  • anonymous
thanks alot for your help!
anonymous
  • anonymous
you are welcome!
anonymous
  • anonymous
i had one more question if you have time
anonymous
  • anonymous
yes, but you have to think about it. I won't answer it okay?
anonymous
  • anonymous
ok i will let me look at it again to make sure its not the same type haha
anonymous
  • anonymous
i tried I= PRT but it didnt look right
anonymous
  • 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
  • anonymous
ok lets count. how many years and months is sept 1 before junior year to december 1 on graduation?
anonymous
  • anonymous
is it 16 months
anonymous
  • anonymous
are you sure?
anonymous
  • anonymous
thats what i counted from sept to the next dec
anonymous
  • 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
  • anonymous
oh i messed up on those first 3 months, so its 15
anonymous
  • anonymous
so now would you just use the same equation and plug in these numbers?
anonymous
  • 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
  • anonymous
you would have 42
anonymous
  • anonymous
Okay. so lets express 42 months in years, since the interest rate is per year I am assuming?
anonymous
  • anonymous
so how many years is 42 months?
anonymous
  • anonymous
3.5 years
anonymous
  • anonymous
okay so now you have years, interest rate and principal amount. Do you need anything else to calculate total amount?
anonymous
  • anonymous
well since we are just trying to find interest i think thats all i would need
anonymous
  • anonymous
then there you go! But what does the problem ask?
anonymous
  • anonymous
it asks how much of what you owe will be interest
anonymous
  • anonymous
so how will you find that?
anonymous
  • anonymous
i got 1071
anonymous
  • anonymous
i did (4500)(.068)(3.5)
anonymous
  • anonymous
why did you do that?
anonymous
  • anonymous
thats to find the actual interest rate isnt it, hm would i just use compound interest again/ sorry i suck at math
anonymous
  • 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
  • anonymous
ok thanks i just have zero confidence with math
anonymous
  • 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
  • anonymous
ok ill try, thanks for all your help i really appreciate it
anonymous
  • anonymous
you are welcome.

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