A student takes out a loan of $1,600 at the beginning of each semester (semi-annualiy) for 11 semesters to pay for college. The loan charges 6,2% interest compounded semiannually. The student graduates atter the 11 semesters and refinances the loan to a lower 5.5% 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. The monthly payment is 5 (Round to the nearest cent as needed.) The total amount of interest paid is (Round to the nearest cent as needed.) Ak my instructor