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Calculate the amount of interest paid on the loan

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Reference no: EM133004424

Question - Jennifer paid off her student loan in 5 years by making payments of $500 at the beginning of every month. The interest rate on her loan was 7.80% compounded monthly.

a. Calculate the size of the original loan.

b. Calculate the amount of interest paid on the loan.

Reference no: EM133004424

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