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7. You are taking out a student loan to pay for college. The loan charges a 3.25% interest rate, compounded monthly. a. If you want

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7. You are taking out a student loan to pay for college. The loan charges a 3.25% interest rate, compounded monthly. a. If you want to pay the loan off by paying $250 each month, for 10 years, how much can you afford to borrow? b. If you borrow $35,000, how much will you need to pay back each month to pay the loan back in 10 years

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