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A student takes out a loan of ​$2000 at the beginning of each semester​ (semi-annually) for...

A student takes out a loan of ​$2000 at the beginning of each semester​ (semi-annually) for 11 semesters to pay for college. The loan charges 4.4​% interest compounded semiannually. The student graduates after the 11 semesters and refinances the loan to a lower 3.7​% rate compounded monthly with monthly payments ​(made at the end of each​ month) for 120 months. Find the monthly payment and the total interest paid.

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Here taking the each semester to be of 6 months, we will first calculate the future value of the loan at the end of 11 semest

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