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Vereen recently graduated from Medical School with $45,000 in outstanding student loans. The loan terms...

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Finance

Vereen recently graduated from Medical School with $45,000 in outstanding student loans. The loan terms require monthly payments of $3,245. If the interest rate is 3.5%, how long will it take Vereen to repay her debt? If the Loan Authority raises the rate to 5.5%, how many additional years will be required to pay off the loan?

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