Sandra borrows $25, 000 from her parents to help pay college expenses. She agrees to...
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Sandra borrows $25, 000 from her parents to help pay college expenses. She agrees to repay the loan with 3% interest convertible monthly after graduation. The parents agree not to charge interest until Sandra begins work, at which time she will make end-of-month payments of $500 until the loan is repaid. What is the amount of the drop payment that Sandra will make in the last month of loan ?
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