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  3. 24 25 26 27 28 when tom had 2 years left in colleg

24 25 26 27 28 When Tom had 2 years left in college he took...

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24 25 26 27 28 When Tom had 2 years left in college he took out a student loan for 13 525 The loan has an annual interest rate of 5 7 Tom graduated 2 years after acquiring the loan and began repaying the loan immediately upon graduation According to the terms of the loan Tom will make monthly payments for 5 years after graduation During the 2 years he was in school and not making payments the loan accrued simple interest Answer each part Do not round intermediate computations and round your answers to the nearest cent If necessary refer to the list of financial formulas a If Tom s loan is subsidized find his monthly payment Subsidized loan monthly payment S b If Tom s loan is unsubsidized find his monthly payment Unsubsidized loan monthly payment S X 3

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