Help me calculate my total debt math majors! Forum

[joetheplumber]

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]

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

[justonemoregame]

--LinkRemoved--

[JoeFish]

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

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