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Given below is the principal owed on a student loan last month, the annual interest rate, and the way the minimum monthly payment is computed.

Given below is the principal owed on a student loan last month, the annual interest rate, and the way the minimum monthly payment is computed. Find this month's minimum payment due. Principal Annual Rate Method for Calculating Minimum Monthly Payment $ 14 comma 200 14,200 9 9% finance charge plus + 1 1% of principal This month's minimum payment is $ nothing . (Round to the nearest cent as needed.)

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