You have an outstanding student loan with required payments of $$$$600600$ per month for the next $44$ years. The interest rate on the loan is $8\mathrm{.}00\%8\mathrm{.}00\%$ APR$($monthly$).$ You are considering making an extra payment of $$$$175175$ today$($i$.$e$.,$ you will pay an extra $$$$175175$ that you are not required to$$ pay$).$ If you are required to continue to make payments of $$$$600600$ per month until the loan is paid$$ off, what is the amount of your final$$ payment? What effective rate of return$($expressed as an APR with monthly$$ compounding$)$ have you earned on the $$$$175175?($Note$$: Be careful not to round any intermediate steps less than six decimal$$ places.$)$

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Part $1$

If you are required to continue to make payments of $$$$600600$ per month until the loan is paid$$ off, what is the amount of your final$$ payment?

The final payment is $$$$359\mathrm{.}26359\mathrm{.}26.($Round to the nearest$$ cent.$)$

Part $2$

What rate of return$($expressed as an APR with monthly$$ compounding$)$ have you earned on the $$$$175175?$

The effective rate is enter your response here$\%$ APR with monthly compounding.$$

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