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Math Help - Simple intrest problem

  1. #1
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    Simple intrest problem

    "Suppose that you take out an unsubsidized Stafford loan on Sept 1 before your junior year for $5500 and plan to begin paying it back on Dec 1 after graduation and grace period 27 months later. The interest rate is 6.8%. How much will you owe then, and how much of that will be in interest?"
    The formula is I=Prt.
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  2. #2
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    This shouldn't be too difficult.

    The total amount owing will be P+I
    The interest as you have shown is I = Prt = 5500\times \frac{6.8}{100}\times t

    Here's the tricky bit, what is t in years?
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