The Cost of College and Loans

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Algebra 2 Fundamentals - Chapter 8 mini project

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• UCLA will cost me \$ 35, 557 per year!﻿
• University of Hawaii will cost me \$20,304 per year.  Yikes!﻿
• ﻿UCLA will cost me \$81,216 for 4 years.  After my scholarships and income from my summer job my loans need to total \$31,216
• ﻿University of Hawaii will cost me \$142,228 for 4 years.  After my scholarships and income from my summer job, my loans need to total \$92,228.
• ﻿Name of Loan - Private Loan Amount Borrowed - \$92,228 Equation - Y=a(1+r)^x - Y=92228(1.08)^x Total Amount the Loan Will Cost after 10 years - \$199,133
• Name of Loan - Federal Direct Amount Borrowed - \$31,216 Equation - Y=a(1+r)^x - Y=31216(1.07)^x Total Amount the Loan Will Cost after 10 years - \$61,406.60
• ﻿﻿﻿28179.97=22240(1+.03)^x  / 22240 Xlog1.03= log1.26708 / log1.03 It took Mr. Marvin x years to pay off his loans.
• ﻿36443.70=24828(1+.0325)^x  / 24828 Xlog1.0325=log1.4678 / log1.0325 It took Mrs. Meloche x years to pay               off her loans.
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