PLUS Loans:
As with other education loans, PLUS loans are funded directly by the federal government. But unlike traditional student loans, they have no maximum amounts and can be used to cover any education costs not covered by other financial aid. They have a fixed interest rate of 7.9 percent compounded monthly. Private Education Loans: As the name suggests, these loans are provided by private lenders and do not use government funding. Because of this, private education loans more closely resemble personal loans than student and parent loans.Your eligibility and interest rate depend on your credit history. Your interest rate is typically higher than with federally guaranteed education loans but lower than with other debts like credit card debt. Specific borrowing terms vary by lender. For the sake of this problem, let's say my loans have an interest rate of 9 percent compounded Payments are $150.06. Perkins Loans: Perkins Loans have a fixed interest rate of 5 percent. They are all subsidized, so the government pays any interest accrued while you’re in school and for a short period after you graduate. Because of their favorable terms, Perkins Loans are reserved for students who show exceptional financial need.These loans are funded by the government but disbursed by each individual college or university. The federal government distributes a limited amount of funds to each school, and the school determines which students to lend to. As with Stafford Loans, students can only borrow a certain amount through Perkins Loans. Eligible undergraduates may borrow up to $5,500 in Perkins Loans annually, for a total of $27,500.Graduates students may borrow up to $8,000 annually. The total cap is $60,000 and is based on both undergraduate and graduate Perkins Loans. I was able to calculate how long it would take to pay these loans off by using the equation A=p(1+(r/n)^nt. A represents how much the total cost is, p represents the initial loan taken out before interest, r represents the interest rate, n represents the number of times it compounds annually, and t represents the times the loan is taken out. You then divide what you get for A by the payment amount, and you have the amount of payments you need, which is equal to the months it takes. All of these are monthly payments, After doing calculations, I came up with these results PEL: Payments: 168 payments of $150.06 which gives a total of $25151.36. That means it would take 16 years to pay off. Perkins Loans: Payments: 107 payments of $212.13, which adds up to a total of $22,692,36. That means it would take around 9 years to pay off. PLUS loans: Payments: 185.2 payments of $120.22 dollars, which adds up to $22,261.57. That means it would take around 16 years to pay off. Here are my equations
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What is the Golden Ratio? Aside from a special irrational number approximately equal to 1.618, The Golden Ratio is a ratio that in order for two numbers to fit it, there has to be an exact balance. The exact balance required is when A/B is the same as (A+B)/A. If A+B is one hundred, the percentages come out to A=61.8 and B=38.2. The picture below is a good representation. The Golden Ratio is represented by the Greek letter phi. Why did you choose the Golden Ratio for your final project? I chose the Golden Ratio for many reasons. A few of which are a cool name, curiosity, the real life applications, and the fact that there is still quite a bit of interest on the topic even though it came to be a very long time ago. Where in real life does the Golden Ratio apply? The Golden ratio has been used for many things, the design of books was based on the Golden Ration for a very long time. The pages were golden rectangles. In an era around 1500s-1700s, almost all books were made with a page length ratio of 2:3, 1:Square root of 3. Salvador Dali also used a Golden Rectangle for the canvas of his famous "The Sacrament of the Last Summer" A brief history of the Golden Ratio?
The Golden Ratio was originally defined in around 300 B.C. by Euclid. It was noted that famous pieces of art and architecture such as the Parthenon followed this ratio. Around 1200, Fibonacci came up with his sequence, which is related asymptotically to the Golden Ratio. Zoom forward to the 20th century, and it is given the Greek symbol Phi to represent it. Many twentieth century architects then planned their buildings according to this ratio. It has also been observed to occur naturally. Adolf Zeising observed it as a Ratio "in which is contained the ground-principle of all formative striving for beauty and completeness in the realms of both nature and art, and which permeates, as a paramount spiritual ideal, all structures, forms and proportions, whether cosmic or individual, organic or inorganic, acoustic or optical; which finds its fullest realization, however, in the human form." This means it applies to a lot of things. |