1. Suppose that you take out a federal direct loan on September 1 before your senior year for $7500 (the maximum allowed for a dependent student) and plan to begin paying it back on December 1 after graduation (so you will have had the loan for 15 months, including the six-month grace period after leaving school). The interest rate is 4.29% and you pay the interest every quarter until that December 1. How much will you owe on that December 1, and how much of that will be interest?