A student has the Stafford deferred interest loan with 6.8% interest compounded monthly. Although the payment on the loan payment is deferred, the interest accrues every month. The total loan will need to be repaid six months after graduation. The payment will be monthly for the next 10 years. The student will borrow (see below) at the beginning of each year and does not plan to make any payment on the loan until six months after graduation. (Use fin calculator, format 2nd P/Y=12 enter, 2nd BGN 2nd enter 2nd CPT for beginning cash flows)

Loan amount Future Value

Year 1 $10,000

Year 2 $13,000

Year 3 $14,000

Year 4 $15,000

Calculate how much will the total loan including interest on graduation at the end of year 4 ($61,134)._______________

Calculate the loan balance at the end of six months after graduation._________________

When the student starts paying for the loan, how much will the end of the month loan payment be? _____________