When Juan had 3 years left in college, he took out a student loan for $13,564 . The loan has an annual interest rate of 4.5% . Juan graduated 3 years after acquiring the loan and began repaying the loan immediately upon graduation. According to the terms of the loan, Juan will make monthly payments for 5 years after graduation. During the 3 years he was in school and not making payments, the loan accrued simple interest.