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A student borrows $ 7 5 , 0 0 0 for business school at 7 . 0 % stated annual interest with monthly repayment over
A student borrows $ for business school at stated annual interest with monthly repayment over years. Consider this as a loan with no payments or interest during school so that the problem structure is equivalent to a standard loan received one period before the first payment. Suppose that to better match expected student salary growth over time, the loan is structured as a growing annuity with each monthly payment growing by compared to the previous monthly payment. How much is the first monthly payment? Please round your answer to the nearest hundredth.
A student borrows $ for business school at stated annual interest with monthly repayment over years. Consider this as a loan with no payments or interest during school so that the problem structure is equivalent to a standard loan received one period before the first payment. Suppose that to better match expected student salary growth over time, the loan is structured as a growing annuity with each monthly payment growing by compared to the previous monthly payment. How much is the first monthly payment? Please round your answer to the nearest hundredth.
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