Project management
Mr. Smith's son enrolled in the engineering program at Morgan State University in 2002 with full scholarship. In December 2003 his son lost his scholarship due to poor academic grades.
Since he wanted him to graduate he had to take the Parent Plus loan of $20, 400 at an interest rate of 9% in January 2004, $15,000 in January 2005 at 9.0% interest rate, $11000 in January 2006 at an interest rate of 8.5%.
If the son graduates in January 2007 how much does Mr. Smith owe?
If he wants to pay it off in ten years (2017) at an interest rate of 8% how much does he have to pay annually?