Huai takes out a

$3400

student loan at

6.6%

to help him with

2

years of community college. After finishing the

2

years, he transfers to a state university and borrows another

$12,600

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 of

7.5%

. Find Huai's monthly payment when regular payments begin.

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