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 INTEREST RATE OF 6.8%, COMPOUNDED MONTHLY, OR HIS PARENTS MAY GET A PLUS LOAN WITH AN INTEREST RAT OF 7.8%, COMPOUND MONTHLY. THE STAFFORD LOAN HAS A GRACE PERIOD OF SIX MONTHS FROM THE TIME OF GRADUATION. WHICH LOAN WILL BE HIHGER BALANCE AND BY HOW MUCH AT THE TIME OF REPAYMENT?

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