Got Homework?
Connect with other students for help. It's a free community.
Here's the question you clicked on:
 0 viewing
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?
 one year ago
 one year 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?
 one year ago
 one year ago

This Question is Closed

AGummiBear55Best ResponseYou've already chosen the best response.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.
 one year ago

ChlorophyllBest ResponseYou've already chosen the best response.1
Stafford: $ 5,673.71 PLUS: $ 5,539.36 > ....
 one year ago

AGummiBear55Best ResponseYou've already chosen the best response.0
so it's A!!!! YAYAYAY!!
 one year ago

AGummiBear55Best ResponseYou've already chosen the best response.0
Thank you so so much!! :) I've been stuck on those questions forrrevverrr until you came along.
 one year ago

AGummiBear55Best ResponseYou've already chosen the best response.0
Thanks. I have to go; dinner's been ready for an hour already and I'm starving... lol. Thanks again.. :)
 one year ago

ChlorophyllBest ResponseYou've already chosen the best response.1
You need the scientific calculator to store all the results, the round off won't lead to exact hundredth digit !
 one year ago
See more questions >>>
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
 Engagement 19 Mad Hatter
 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.