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A student borrows $50,000 for business school at 7.5% stated annual interest with equal monthly payments over 11 years. Consider this as a loan

A student borrows $50,000 for business school at 7.5% stated annual interest with equal monthly payments over 11 years. Consider this as a loan with no payments or interest during school so that the problem structure is equivalent to a standard loan received one period before the first payment. How much is the monthly payment? Please round your answer to the nearest hundredth

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