If i were to borrow 15K for the direct unsubsidized loan my first year at 6.8%. How much will I have to pay at the end of the 3 year?. Assuming no capitalization meaning I pay off the interest as it accrues. My thought is like this. I=PRT. I=15K * 6.8%* 3years. So i pay $3,060.
However, what happens if I borrow 20K my 2nd year and another 20K 3rd year. Assuming still unsubsidized loan at 6.8%
2nd year: I=20K * 6.8% * 2years= 2720
3rd year: I=20K * 6.8% * 1 year=1360.
In short, my total interest for 3 years would be: $7,140 assuming no capitalization.
Therefore, my total debt after 3 years would be 15K+20K+20K+7,140= $62,140.
Is my math correct?
Thanks
Help me calculate my total debt math majors!

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 Joined: Sat Sep 18, 2010 7:23 pm

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Re: Help me calculate my total debt math majors!
Can someone just link the georgetown calculator? That's prob your best bet. Id like to do the same calculation
 justonemoregame
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Re: Help me calculate my total debt math majors!
LinkRemoved
 JoeFish
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Re: Help me calculate my total debt math majors!
umm... could you phrase your question in the form of an Abelian Group?
...we leave the arithmetic to the accounting majors...
...we leave the arithmetic to the accounting majors...
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