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1. Suppose that you take out a federal direct (unsubsidized) loan on September 1 before your senior year for $5,000 (the
Posted: Thu May 12, 2022 4:10 pm
by answerhappygod
- 1 Suppose That You Take Out A Federal Direct Unsubsidized Loan On September 1 Before Your Senior Year For 5 000 The 1 (22.59 KiB) Viewed 49 times
1. Suppose that you take out a federal direct (unsubsidized) loan on September 1 before your senior year for $5,000 (the maximum allowed for a dependent student) and plan to begin paying it (the amount you borrowed) back on December 1 after graduation (so you will have had the loan for 15 months, including the 6-month grace period after leaving school). The annual interest rate is 5.29% and the interest is calculated every month until that December 1. How much interest will you be responsible for on that December 1 (assuming you haven't been paying it back every quarter since September 1)?