During four years of college, Nolan MacGregor's student loans are S4,300, S4,300, S4,200, and $3,800 for freshman year through senior year, respectively. Each loan amount gathers interest of annual rate 1%, compounded quarterly while Nolan is in school; and an annual rate of 3%, compounded quarterly during a 6-month grace period after graduation. What is the loan balance after the grace period? Assume the freshman year year during the first year, then for 3 full years until graduation. Make similar assumptions for the loan earns an annual rate of 19% interest for loans for the other years. Round your answer to the nearest cent. Oa S18,057.87 Ob.S17,845.68 OCS17,454,41 Od S17,071.51 Oes17,242.22
During four years of college, Nolan MacGregor's student loans are S4,300, S4,300, S4,200, and $3,800 for freshman year through senior year, respectively. Each loan amount gathers interest of annual rate 1%, compounded quarterly while Nolan is in school; and an annual rate of 3%, compounded quarterly during a 6-month grace period after graduation. What is the loan balance after the grace period? Assume the freshman year year during the first year, then for 3 full years until graduation. Make similar assumptions for the loan earns an annual rate of 19% interest for loans for the other years. Round your answer to the nearest cent. Oa S18,057.87 Ob.S17,845.68 OCS17,454,41 Od S17,071.51 Oes17,242.22
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:During four years of college, Nolan MacGregor's student loans are S4,300, S4,300, S4,200, and $3,800 for freshman year through senior year,
respectively. Each loan amount gathers interest of annual rate 1%, compounded quarterly while Nolan is in school; and an annual rate of 3%,
compounded quarterly during a 6-month grace period after graduation. What is the loan balance after the grace period? Assume the freshman year
loan earns an annual rate of 1% interest for year during the first year, then for 3 full years until graduation. Make similar assumptions for the
loans for the other years: Round your answer to the nearest cent.
Oa S18,057.87
Ob.S17,845.68
OCS17,454,41
Od S17,071.51
OeS17,242.22
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