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Beth obtained a student loan of $55,000 to finish her last 2 years of medical school. She would make no payments until she finished, but
Beth obtained a student loan of $55,000 to finish her last 2 years of medical school. She would make no payments until she finished, but the loan would accumulate interest at 3.1% compounded monthly. When she finished school, Beth was to begin monthly payments that would repay the loan in fifteen years at 3.1% interest. (Round your final answers to two decimal places.)
(b) Find the monthly payments.
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