4.52 An engineering student borrows $4000 to pay tuition for his senior year. Payments are to be made in 3% equal monthl

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4.52 An engineering student borrows $4000 to pay tuition for his senior year. Payments are to be made in 3% equal monthl

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4 52 An Engineering Student Borrows 4000 To Pay Tuition For His Senior Year Payments Are To Be Made In 3 Equal Monthl 1
4 52 An Engineering Student Borrows 4000 To Pay Tuition For His Senior Year Payments Are To Be Made In 3 Equal Monthl 1 (12.9 KiB) Viewed 66 times
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4.52 An engineering student borrows $4000 to pay tuition for his senior year. Payments are to be made in 3% equal monthly installments, to begin the first month after graduation. How much money must the student repay each month, if he is graduated 9 months after taking out the loan and it the interest raten 10% per year, compounded (a) monthly? (b) quarterly? (c) daily? Ans.(a) $139.08. (b) $139.98; (c) $138.64
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