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Question: Carol got the admission to Penn State University. The total cost of each of four years with Penn ...

Show transcribed image text Carol got the admission to Penn State University. The total cost of each of four years with Penn State would be $15.000. When she enters the school, she is able to make $5,000 a year as a work study student. She need to borrow Uncle Harry the amount she could not cover by her working only. Uncle Harry told Carol that she does not have to be in hurry to pay off the money she is supposed to owe after she graduates. Instead, he asks her to pay small & consistent amount every month for six y ears, when she gets a job. a year after graduation. And for the money she owes, he suggests 3% annual interest rate. What is the monthly payment (bv using rough method) of Carol to uncle Harry after graduation and getting a job?

Carol got the admission to Penn State University. The total cost of each of four years with Penn State would be $15.000. When she enters the school, she is able to make $5,000 a year as a work study student. She need to borrow Uncle Harry the amount she could not cover by her working only. Uncle Harry told Carol that she does not have to be in hurry to pay off the money she is supposed to owe after she graduates. Instead, he asks her to pay small & consistent amount every month for six y ears, when she gets a job. a year after graduation. And for the money she owes, he suggests 3% annual interest rate. What is the monthly payment (bv using rough method) of Carol to uncle Harry after graduation and getting a job?