Macmillan Learning
Suppose that you take out a federal direct loan before your senior year and you borrow $5500, at an interest rate of 4.80% on September 1 before your junior year and plan to begin paying it back on December 1 after graduation and grace period 27
months later. But you do not pay any of the interest as it accumulates.
(Round your answers to the nearest dollar.)
How much will you owe then? $
How much of that will be interest? $
