A friend of yours who had taken an engineering economy course stated that paying on a student loan even before graduation will give you a big break on the total loan costs. She cites the following example to illustrate her point. A student takes out a $8,000 loan for their freshman year of college, and the interest rate is 7% compounded semi-annually over 10 years. With full deferral of this loan, meaning that no payments are due until six months after graduation, the original loan will have grown to $10,904 thanks to interest: F-38,000(FIP, 3.5% per six months, 9 periods,-$10,904 Your friend says that paying just $70 per month, or $3,780 over the same 4.5 years would reduce the ending balance. What would be the ending balance? The ending balance would be reduced to S(Round to the nearest dollar