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A student takes out a loan of $1,900 at the beginning of each semester (semi-annually)...

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Finance

A student takes out a loan of $1,900 at the beginning of each semester (semi-annually) for 13 semesters to pay for college. The loan charges 7.6% interest compounded semiannually. The student graduates after the 13 semesters and refinances the loan to a lower 6.9% 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.

The monthly payment is

$_____.

(Round to the nearest cent as needed.)

The total amount of interest paid is.

$_____.

(Round to the nearest cent as needed.)

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