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* Annuity Problem Jim is 25 years of age; he has outstanding student loans of $150,000. The government would like Jim to payoff his student

* Annuity Problem

Jim is 25 years of age; he has outstanding student loans of $150,000. The government would like Jim to payoff his student loans during the next 35 years. The government charges 4% per year and ask for a monthly payment at the end of the very month. What is Jim's monthly payment if he would like to pay off his student loans in 35 years?

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