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Huai takes out a $3800 student loan at 6.7% to help him with 2 years...

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Finance

Huai takes out a $3800 student loan at 6.7% to help him with 2 years of community college. After finishing the 2 years, he transfers to a state university and borrows another $12,100 to defray expenses for the 5 semesters he needs to graduate. He graduates 4 years and 4 months after acquiring the first loan and payments are deferred for 3 months after graduation. The second loan was acquired 2 years after the first and has an interest rate of 7.4%. Find Huai's monthly payment when regular payments begin.

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