Claudius took out an unsubsidized Stafford loan at the beginning of his six-year college career. The loan had a principal of $4,850, an interest rate of 6.5% compounded monthly, and a duration of ten years. If Claudius started paying off the loan when he graduated, what is his monthly payment? Round all dollar values to the nearest cent.

Question

anonymous · Answer

I dont understand the compounded monthly part, I know it effects the monthly payment though, at least I think so.

anonymous · Answer

so what lol your dumb 
xD