Hai takes out a $3800 student loan at 6.7% to help him with 2 years of community college. After finishing the 2 years, he transfers to a state university and borrows another $11,600 to defray expenses for the 5 semesters he needs to graduate. He graduates 4 years and 4 months after acquiring the first loan and payments are deferred for 3 months after graduation. The second loan was acquired 2 years after the first and has an interest rate