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A student takes out a loan of $2,600 at the beginning of each semester (semi-annually) for 9 semesters to pay for colleg
Posted: Wed Jul 06, 2022 11:54 am
by answerhappygod
- A Student Takes Out A Loan Of 2 600 At The Beginning Of Each Semester Semi Annually For 9 Semesters To Pay For Colleg 1 (18.99 KiB) Viewed 16 times
A student takes out a loan of $2,600 at the beginning of each semester (semi-annually) for 9 semesters to pay for college. The loan charges 5.2% interest compounded semiannually. The student graduates after the 9 semesters and refinances the loan to a lower 4.5% rate compounded monthly with monthly payments (made at the end of each month) for 120 months. Find the monthly payment and the total interest paid. The monthly payment is $. (Round to the nearest cent as needed.) The total amount of interest paid is. (Round to the nearest cent as needed.) come