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You are about to start graduate school and intend to fund the effort by borrowing $2,800 per month for the two years of graduate study,
You are about to start graduate school and intend to fund the effort by borrowing $2,800 per month for the two years of graduate study, starting one month from today. The bank charges an annual percentage rate of 4.20% per annum with interest compounding monthly. Your intention is to repay the loan by making equal monthly repayments for eight years, starting twenty-five months from today. What is the amount of each of these seventy-two monthly loan repayments? [Note: submit you answer to the nearest USA dollar without the dollar sign]
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