Mathematics, 08.02.2021 19:00 lulprettyb
To offset college expenses, at the beginning of your freshman year you obtain a nonsubsidized student loan for $15,000. Interest on this loan accrues at a rate of 4.11% compounded monthly. However, you do not have to make any payments against either the principal or the interest until after you graduate.
Required:
a. Write a function that gives the total amount, F, you will owe on this loan after t years in college. F(t) = ?
b. What is the APR?%
c. What is the APY? (Round your answer to two decimal places.)
Answers: 3
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