Elliot is graduating from college in six months, but he will need a loan in the amount of $4,850 for his last semester. He may either receive an unsubsidized Stafford Loan with an interest rate
of 6.8%, compounded monthly, or his parents may get 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 and by how much at the time of
repayment?