A student takes out a loan of $1,200 at the beginning of each semester (semi-annually) for 9 semesters to pay for college. The loan charges 6% interest compounded semiannually. The student graduates after the 9 semesters and refinances the loan to a lower 5.3% rate compounded monthly with monthly payments (made at the end of each month) for 120 months. Find the monthly payment and the total interest paid.

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Part 1

The monthly payment is ?????

(Round to the nearest cent as needed.)

The total amount of interest paid is ????

(Round to the nearest cent as needed.)