A community for students. Sign up today!
Here's the question you clicked on:
 0 viewing
 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?
 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

AGummiBear55
 2 years ago
Best ResponseYou've already chosen the best response.0The 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.

Chlorophyll
 2 years ago
Best ResponseYou've already chosen the best response.1Stafford: $ 5,673.71 PLUS: $ 5,539.36 > ....

AGummiBear55
 2 years ago
Best ResponseYou've already chosen the best response.0so it's A!!!! YAYAYAY!!

AGummiBear55
 2 years ago
Best ResponseYou've already chosen the best response.0Thank you so so much!! :) I've been stuck on those questions forrrevverrr until you came along.

AGummiBear55
 2 years ago
Best ResponseYou've already chosen the best response.0Thanks. I have to go; dinner's been ready for an hour already and I'm starving... lol. Thanks again.. :)

Chlorophyll
 2 years ago
Best ResponseYou've already chosen the best response.1You need the scientific calculator to store all the results, the round off won't lead to exact hundredth digit !
Ask your own question
Ask a QuestionFind 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
 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.