Thursday, December 5, 2013

Loan Project

    If I take out a $5,000 loan for my freshman, sophomore, junior and senior year for college I know how much I need to pay off monthly is I want to pay it off in only 5 years because I will be rich.I most likely won't qualify for a government subsidized load, so the interest on the loans will start and keep adding up as I go through college. The interest rate is for subsidized and unsubsidized loans are 3.86%. And the bank loan through Discover are 5.49%.
    The first year, I'll need interest for 4 years, sophomore for 3 years, junior for 2 and senior for 1. These are the equations I used.
        5,000(1.0549)^4 = 6,191
        5,000(1.0549)^3 = 5,869
        5,000(1.0549)^2 = 5,564
        5,000(1.0549)^1 = 5,274
    The power that it's at symbolizes the amount of years of interest there will be for each year. After adding all of the numbers that I got from each equation I got I came up with $22,898. That's the total amount that I need to pay off as soon as I'm out of college. In the next five years, there will also be interest adding up.
        22,898(1.0549)^5 = 29,912
    $29,912 is the amount that I will have to pay off completely in 5 years. In 5 years there are 60 months, and since I will be paying monthly, I divide the $29,912 by 60.
        29,912/60 = $498
    I will have to pay $498 a month for 5 years to pay off my $29,912 loan from borrowing $5,000 a year for 4 years for college. 
Lord help me next year when I start college.

Tuesday, September 10, 2013

Functions

In this chapter, I learned about functions and how to make them. In the function above, using geogebra, I used the equations "y=cos (x)," "y=csc(x^2)," "y=sin(x*10)," and "y= tan (10/x).