student takes out a loan of $1600 at the beginning of each semester (semi-annually) for 13 semesters to pay for college. The loan charges 6.4% interest compounded semiannually. The student graduates after the 13 semesters and refinances the loan to a lower 5.7% rate compounded monthly with monthly payments (made at the end of each month) for 120 months. Find the monthly payment and the total interest paid. a.) the monthly payment is $ b.) the total amount of interest paid is $