Student Loans

Willie Wilson plans to borrow $$31,917$ at the beginning of each of his $4$ years of college. He will repay the loan in $16$ equal annual installments at the end of each year starting one year after he graduates. If the interest rate is $10\mathrm{.}62\%,$ how large will the installments be$?$ Interest will accrue on Willie's loan while he is in college.

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