Question 2 of 10 (1 point) Question Attempt: 3 of Unlimited Brian V
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Huai takes out a $3400 student loan at 6.5% to help him with 2 years of community college. After finishing the 2 years, he transfers to a state university and
borrows another $13,500 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 7.3%. Find Huai's
monthly payment when regular payments begin.
Part 1 of 3
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(a) Calculate the monthly payment on loan 1 (community college). Round your answer to two decimal places, if necessary.
The monthly payment on loan 1 (community college) is S 83.67
M
Correct
The monthly payment on loan 1 (community college) is $50.04.
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