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How much is the first monthly payment

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Problem 1: A student borrows $50,000 for business school at 7.5% stated annual interest with monthly repayment over 11 years. Consider this as a loan with no payments or interest during school so that the problem structure is equivalent to a standard loan received one period before the first payment. Suppose that to better match expected student salary growth over time, the loan is structured as a growing annuity with each monthly payment growing by 0.3% compared to the previous monthly payment. How much is the first monthly payment? Please round your answer to the nearest hundredth.

Reference no: EM132957232

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