How much money must student repay month

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1. Sean borrows $8000 to pay tuition for his senior year. Payments are to be made in 40 equal monthly installments, to begin the first month after graduation.

a. How much money must the student repay each month, if he is graduated 9 months after taking out the loan and if the interest rate is 12% per year, compounded bimonthly?

b. If he has delayed to repay the monthly installments in 3 months after his graduation, how much money must the student repay each month?

Reference no: EM133082185

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