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TheJag18:
A student is graduating from college in six months but will need a loan in the amount of $2,560 for the last semester. The student receives a PLUS Loan with an interest rate of 7.8%, compounded monthly. What is the balance of the PLUS loan at the time of graduation? $2,560.00 $2,739.61 $2,648.28 $2,661.48
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Phantomdex:
A = 2560(1 + 0.078/12)^(12*0.5) A = 2560(1 + 0.0065)^(6) A ≈ 2560(1.0065)^6 A ≈ 2560(1.0391) A ≈ 2661.48
TheJag18:
great!
Phantomdex:
:>
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