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Assume that a student graduates from college with $20,000 in student loans. If the interest rate is fixed at 4.80% APR with monthly compounding

 

Assume that a student graduates from college with $20,000 in student loans. If the interest rate is fixed at 4.80% APR with monthly compounding and the student will repay the loans over a 15- year period, what will be the monthly payment?

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