A student receives a federally backed student loan of $6,000 at 3.5% interest compounded monthly. After finishing
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A student receives a federally backed student loan of $6,000 at 3.5% interest compounded monthly. After finishing college in 2 years, the student must amortize the loan in the next 4 years by making equal monthly payments. What will the payments be and what total interest will the student pay?
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The monthly payments will be 17146 and the total interest paid will be 65036 Explanations The loan a...View the full answer
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Related Book For 
College Mathematics For Business Economics, Life Sciences, And Social Sciences
ISBN: 978-0134674148
14th Edition
Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker
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