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What is the total cost of mary student loan

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Mary, a college student, needs to borrow $8,000 today for her tuition. She agrees to pay back the loan in a lump-sum payment upon graduating, 4 years from today. The lender agrees to lending at a fixed 3.85% interest rate during the loan period. What is the total cost of Mary's student loan? (Round your answer to 2 decimal places.)

Reference no: EM132546336

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