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a student loan to pay for college is secured at and ARP of 6% compounded monthly. an amount of 10000 is borrowed at the beginning
a student loan to pay for college is secured at and ARP of 6% compounded monthly. an amount of 10000 is borrowed at the beginning of each year for 4 years. a full year grace period is provided to the student before any payback of the loan is required (payback is required to at the beginning of years 6). the loan must be paid back over 10 years. what is the monthly payment??
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