Question: 1 2 3 4 5 6 7 AllA student borrows $ 9 5 , 0 0 0 for business school at 4 . 5 %

1234567

AllA student borrows $

95, 000

for business school at

4.5 %

stated annual interest with equal monthly payments over

9

years. Consider this as a loan with no payments or interest during school so that the problem structure is equivalent to a standard loan received one period before the first payment. How much is the monthly payment?Please round your answer to the nearest hundredth.

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