How much money must the student repay each month

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Reference no: EM131970648

Question: An engineering student borrows $4000 to pay tuition for his senior year. Payments are to be made in 36 equal monthly installments, to begin the first month after graduation. 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 10% per year, compounded

(a) monthly?

(6) quarterly?

Reference no: EM131970648

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