William recently graduated from nfa university while at nfa, Finance Basics

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William recently graduated from nfa university while at nfa

William recently graduated from NFA University. While at NFA, William took out a $50,000 student loan. His loan requires him to make monthly payments for a 10-year period.

(a) If the simple annual interest is 4.2 percent, what are William's monthly payments?

(b) To the nearest dollar, how much will William owe on his student loan after he makes payments for three years?

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