Huai takes out a $3100 student loan at 6.7% to help him with 2 years of community college. After finishing the 2 years, he transfers to a state university and borrows another $12,700 to defray expenses for the 5 semesters he needs to graduate. He graduates 4 years and 4 months after acquiring the first loan and
payments are deferred for 3 months after graduation. The second loan was acquired 2 years after the first and has an interest rate of 7.3%. Find Huai's
monthly payment when regular payments begin.
Part: 0/3
Part 1 of 3
(a) Calculate the monthly payment on loan 1 (community college). Round your answer to two decimal places, if necessary.
The monthly payment on loan 1 (community college) is s
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5