Huai takes out a $3,600 student loan at 6.6% to help him with 2 years of community college. After finishing the 2 years, he transfers to a state university and borrows another $11,600 to defray expenses for the 5 semesters he needs to graduate. He graduates 4 years and 4 months after acquiring the first loan and payments are deferred for 3 months after graduation. The second loan was acquired 2 years after the first and has an interest rate of 7.3%. Find Huai’s monthly payment when regular payments begin.
Calculate the monthly payment on loan 1 (community college) round your answer two decimal places.
Calculate the monthly payment on loan 2. Round your answer two decimal places.