SOLUTION: A recent college graduate has $34000 in student loans and due to a hardship, has their payments deferred for 3 years. If the interest rate on those student loans is 3.5% compounded

Question 1088194: A recent college graduate has $34000 in student loans and due to a hardship, has their payments deferred for 3 years. If the interest rate on those student loans is 3.5% compounded daily, what will be the balance at the end of 3 years rounded to the nearest penny? $____
Answer by Edwin McCravy(20065) (Show Source): You can put this solution on YOUR website!



Using 1 year = 365 days, plug in the formula,
using a scientific calculator and rounding to 
the nearest penny:





Edwin

RELATED QUESTIONS
Victoria graduates college with 38000 in student loans. if the bank charges 3.6%... (answered by jim_thompson5910)

Suppose you haved student loans totaling $20,500 when you graduate from college. The APR... (answered by ewatrrr)

1.Due to the sharp increase in the prices of urban properties over the last five years,... (answered by greenestamps)

Student loans are a hot discussion topic today both in the news and at home. Those of us... (answered by solver91311)

1. Mike�s Sport Shop deposits $3,600 at the end of each year for 12 years at 7% annual... (answered by edward d,Hyot)

1.A sample of 36 students are drawn from the NUST student population, and their body... (answered by greenestamps)

α=14 Defaulting on a loan means failing to pay it back on time. The default rate among... (answered by CPhill)

Defaulting on a loan means failing to pay it back on time. The default rate among X... (answered by CPhill)

What is the present value of a 2-year deferred annuity at 4% interest compounded... (answered by CPhill)