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Clara's parents were unable to pay for her last year of college, so she obtained...

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Finance

Clara's parents were unable to pay for her last year of college, so she obtained a student loan of $9,500. The conditions of the loan were: she would make no payments while in college but the interest would accumulate at 3.3% per year compounded monthly. Upon graduation she would begin equal monthly payments that would repay the loan in 5 years. What was the amount of the loan when she graduated 1 year later? What monthly payment will repay the loan in 5 years?

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