Quantcast

A community for students. Sign up today!

Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing

AGummiBear55

  • 2 years ago

Gilbert is graduating from college in one year, but he will need a loan in the amount of $5,125 for his last two semesters. He may either receive an unsubsidized Stafford Loan with an interest rate of 6.8%, compounded monthly, or his parents may get a PLUS Loan with an interest rate of 7.8%, compounded monthly. The Stafford Loan has a grace period of six months from the time of graduation. Which loan will have a higher balance at the time of repayment and by how much?

  • This Question is Closed
  1. AGummiBear55
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    The Stafford Loan has a higher balance by $134.35. The Stafford Loan has a higher balance by $274.36. The PLUS Loan has a higher balance by $54.79. The PLUS Loan has a higher balance by $85.22.

  2. Chlorophyll
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    Stafford: $ 5,673.71 PLUS: $ 5,539.36 -> ....

  3. AGummiBear55
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    so it's A!!!! YAYAYAY!!

  4. AGummiBear55
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Thank you so so much!! :) I've been stuck on those questions forrrevverrr until you came along.

  5. AGummiBear55
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    Thanks. I have to go; dinner's been ready for an hour already and I'm starving... lol. Thanks again.. :)

  6. Chlorophyll
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    You need the scientific calculator to store all the results, the round off won't lead to exact hundredth digit !

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

    • Attachments:

Ask your own question

Ask a Question
Find more explanations on OpenStudy

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.