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Which loan will have a higher balance

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Question - Matthew is graduating from college in two years, but he will need a loan in the amount of $21,059 for his last four semesters. He may either receive an unsubsidized Stafford Loan with an interest rate of 6.8%, compounded monthly, or his parents may obtain a PLUS Loan with an interest rate of 7.8%, compounded monthly. The Stafford Loan has a grace period of six months from the time of graduation. Which loan will have a higher balance at the time of repayment and by how much?

Reference no: EM132957269

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