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Julian is a student relying on student loans. He feels he would like to borrow an extra $4200 each year for the next four years
Julian is a student relying on student loans. He feels he would like to borrow an extra $4200 each year for the next four years to take vacations to recover from studying. Assume that no interest accrues until he completes his education and begins paying off the loan. The interest rate for the loan amount will be seven percent per year compounded monthly and he will pay it off over five years by making end of month payments. What would his monthly payment be on this loan? a. $330.73 Ob. $341.45 C. $319.11 Od. $332.66
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