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Abby has a subsidized student loan for [tex]$23,000.00 and plans to pay it off in 10 years
with an annual interest rate is 4.944%, compounded each month.
a) Calculate Abby's monthly payment. Round to the nearest cent.
b) How much will Abby have to pay in total to pay off this loan? Round to the nearest
cent.
$[/tex]
c) How much interest will Abby pay in total over the life of the loan as it's currently
structured? Round to the nearest cent.

Sagot :

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