question archive Jessica borrows $12 000 at a rate of 8% per year, compounded monthly, for her school expenses for a year

Jessica borrows $12 000 at a rate of 8% per year, compounded monthly, for her school expenses for a year

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Jessica borrows $12 000 at a rate of 8% per year, compounded monthly, for her school expenses for a year.

a) What are her monthly payments if it takes 5 years to pay back the loan?

b) How much interest will she be paying?

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