Question

A student is graduating from college in six months but will need a loan in the amount of $2,560 for the last semester. The student receives an unsubsidized Stafford Loan with an interest rate of 6.8%, compounded monthly. What is the balance of the unsubsidized loan at the time of graduation?

$2,648.28
$2,661.48
$2,560.00
$2,739.61

Answer 1

Okay so this ones easy

Answer 2

i have no clue of this one lmao

Answer 3

so the first calculator I gave you the green and blue one you'll plug in the stuff there, (make sure the others that we don't have are set 10 0) and tell me what you get.

Answer 4

i got this

Answer 5

The total amount accrued, principal plus interest, with compound interest on a principal of $2,560.00 at a rate of 0.068% per year compounded 12 times per year over 6 years is $2,570.47.

Answer 6

Okay so its compounded monthly

Answer 7

and you would just put 6.8

Answer 8

oh. thats what i did wrong, the 6.8

Answer 9

And it compounded monthly not yearly

Answer 10

So make sure to put the 6 in months, not years.

Answer 11

i did monthly

Answer 12

No, you did 6 years if you read what the text says-

Answer 13

oh, its a

Answer 14

Correct!

Answer 15

thx mate :)

Answer 16

See, with these calculators its not that hard as long as you know what you're doing :]

Answer 17

(They have saved me so many times)

Answer 18

yeah, and know i know :).

Answer 19

i meant and now i know