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PLEASE DO NOT USE ANY SOFTWARES, AND PLEASE SHOW YOUR WORK WITH STEPS Sandra borrows $25,000 from her parents to help pay college expenses. She

image text in transcribedPLEASE DO NOT USE ANY SOFTWARES, AND PLEASE SHOW YOUR WORK WITH STEPS

Sandra borrows $25,000 from her parents to help pay college expenses. She agrees to repay the loan with 3% interest convertible monthly after graduation. The parents agree not to charge interest until Sandra begins work, at which time she will make end-of-month pay- ments of $500 until the loan is repaid. What is the amount of the drop payment that Sandra will make in the last month of loan

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