What is the amount of jessicas monthly payment, Microeconomics

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What is the amount of jessicas monthly payment

Problem

Jessica takes an unsubsidized $18,000 loan when she begins college. The loan has a 6% annual interest rate, where interest is compounded monthly. She decides to defer the loan payments for the 48 months while she is in college. She will then repay the loan in 120 equal monthly payments, beginning 48 months after the receipt of the principal amount. What is the amount of her monthly payment?

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Microeconomics: What is the amount of jessicas monthly payment

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