After Bobby graduates, he will owe a total of $$52,000$ for student loans. The lender will grant him a grace period of $15$ months before the debt must be repaid. If the interest rate is $9\mathrm{.}8\%$ compounded monthly, how much would Bobby owe if he pays off the debt immediately instead of waiting the entire $15-$month period?

Answer rating: 100% (QA)

convert the annual interest rate to a monthly interest rate by dividing by 12085 con... View the full answer