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OpenStudy (anonymous):
Elliot is graduating from college in six months, but he will need a loan in the amount of $4,850 for his last semester. 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 and by how much at the time of repayment?
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OpenStudy (anonymous):
The PLUS Loan has a higher balance by $51.84. The Stafford Loan has a higher balance by $327.01. The Stafford Loan has a higher balance by $148.03. The PLUS Loan has a higher balance by $259.64
OpenStudy (anonymous):
So what is the answer ?
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