When Michael had 2 years left in college, he took out a student loan for $12,315. The loan has an annual interest rate of

8.4%. Michael graduated 2 years after acquiring the loan and began repaying the loan immediately upon graduation.

According to the terms of the loan, Michael will make monthly payments for 10 years after graduation. During the

2 years he was in school and not making payments, the loan accrued simple interest.

(A)If Michael's loan is subsidized, find his monthly payment.

subsidized loan monthly payment$___

(B)If Michael's loan is unsubsidized, find his monthly payment

Unsubsidized loan monthly payment$___