How much do you have to pay each month

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Reference no: EM131303921

Suppose by the time you graduate your student loan will accumulate to the national average of $37,000 as mentioned in one of the articles. If you plan to pay back the loan in 5 years with equal monthly payment and assume the interest rate is 6% compounded monthly. How much do you have to pay each month? Please briefly show the steps for how you arrive at your answer.

Reference no: EM131303921

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