Mathematics, 14.11.2019 03:31 SKYBLUE1015
Gertrude takes out a $5,500 subsidized stafford loan, which must be paid back in ten years. gertrude will graduate four years after taking out the loan. if the loan has an interest rate of 6.8%, compounded monthly, and gertrude makes monthly payments, how much interest will she pay by the time the loan is repaid? round all dollar values to the nearest cent.
a.
$4,462.40
b.
$1,213.28
c.
$1,713.69
d.
$2,094.80
i did the math and got a. just want confirmation
Answers: 3
![C.I=P[(1+\frac{R}{100})^n-1]\\\\ {\text{for, n=4}}\\\\ C.I_{4}=5500[(1+\frac{6.8}{100})^{48}-1]\\\\C.I_{4}=5500\times [(1.0068)^{48}-1] \\\\C.I_{4}=5500\times(1.385-1)\\\\C.I_{4}=5500\times 0.385\\\\C.I_{4}=2117.5](/tpl/images/0373/5145/878ef.png)
to 3 places that's why the value is coming out to be 2117.5 , otherwise it will be near around to 2100.![C.I=P[(1+\frac{R}{100})^n-1]\\\\ {\text{for, n=10}}\\\\ C.I_{10}=5500[(1+\frac{6.8}{100})^{120}-1]\\\\C.I_{10}=5500\times [(1.0068)^{120}-1] \\\\C.I_{10}=5500\times(2.255-1)\\\\C.I_{10}=5500\times 1.255\\\\C.I_{10}=6903.60](/tpl/images/0373/5145/ebe1c.png)
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Gertrude takes out a $5,500 subsidized stafford loan, which must be paid back in ten years. gertrude...
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