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You will pay off your 60K in loans over 5 years, starting next year after you graduate. The loan compounds 3 percent per year. How

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You will pay off your 60K in loans over 5 years, starting next year after you graduate. The loan compounds 3 percent per year. How much do you pay each year? Would the payments average to more than $1K per month or less than $1k per month? (Hint: apply the annuity formula) (time value, slide 36).

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