Gus Fring has decided to take out a loan for a post-doctoral in Chemistry. He expects to graduate 2 years and 6 months later and payments begin 3 months after graduation. He borrowed $15,000 from a federal student loan program at 6.08% interest rate. What will his daily interest rate be?    - answer has to be $2.50  - I dont know what formula to use.

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 57SE: Karl has two years to save $10000 to buy a used car when he graduates. To the nearest dollar, what...
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Gus Fring has decided to take out a loan for a post-doctoral in Chemistry. He expects to graduate 2 years and 6 months later and payments begin 3 months after graduation. He borrowed $15,000 from a federal student loan program at 6.08% interest rate. What will his daily interest rate be? 

 

- answer has to be $2.50 

- I dont know what formula to use. 

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