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Rich is attending a 4-year college. As a freshman, he was approved for a 10-year, federal unsubsidized student loan in the amount of $7,900 at 4.29%. He knows he has the
option of beginning repayment of the loan in 4.5 years. He also knows that during this non-payment time, Interest will accrue at 4.29%.
Rich made his last monthly interest-only payment on November 1. His next payment is due on December 1. What will be the amount of that interest-only payment?

Sagot :

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