## Help me calculate my total debt math majors!

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
joetheplumber

Posts: 178
Joined: Sat Sep 18, 2010 7:23 pm

### Help me calculate my total debt math majors!

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

mr.hands

Posts: 892
Joined: Fri Jul 13, 2012 4:23 pm

### 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

Posts: 1156
Joined: Fri Jul 01, 2011 3:51 pm

### Re: Help me calculate my total debt math majors!

JoeFish

Posts: 353
Joined: Thu Apr 28, 2011 7:43 am

### 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...