Help me calculate my total debt math majors!

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

Help me calculate my total debt math majors!

Postby joetheplumber » Wed Jul 25, 2012 3:31 pm

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!

Postby mr.hands » Wed Jul 25, 2012 3:40 pm

Can someone just link the georgetown calculator? That's prob your best bet. Id like to do the same calculation

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justonemoregame
Posts: 1160
Joined: Fri Jul 01, 2011 3:51 pm

Re: Help me calculate my total debt math majors!

Postby justonemoregame » Wed Jul 25, 2012 3:44 pm

--LinkRemoved--

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

Re: Help me calculate my total debt math majors!

Postby JoeFish » Wed Jul 25, 2012 10:21 pm

umm... could you phrase your question in the form of an Abelian Group?

...we leave the arithmetic to the accounting majors...




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