Instructor-created question Question Help A student takes out a loan of $2,600 at the beginning of each semester (semi-annually) for 11 semesters to pay for college. The loan charges 7.4% interest compounded semiannually. The student graduates after the 11 semesters and refinances the loan to a lower 6.7% rate compounded monthly with monthly payment (made at the end of each month) for 120 months. Find the monthly payment and the total interest paid The monthly payment is $ (Round to the nearest cent as needed.) The total amount of interest paid is. $ (Round to the nearest cent as needed.)
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