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Using open-ended questions capturing incoming course concerns and later perceived challenges and closed-ended questions measuring achievement motivation and future interest in statistics among undergraduate students (N=524; 70.3% female; 35.7% URM) enrolled in an introductory statistics course, we explore how concerns (t1) predicted challenges and future interest (t4) via achievement motivation (t2 and t3). Concerns negatively predicted expectancy, value, and future interest in statistics and positively predicted cost and challenges. Patterns varied by gender and URM: Unlike for male or non-URM students, cost played an important mediating role for female and URM students between concerns and future interest, adding to the increasing body of research reporting differences in how students experience STEM courses vary by gender and URM.