Problem
John has just graduated from State University. He owes $35,000 in college loans, but he does not have a job yet. The college loan company has agreed to give John a break on a deferred-payment plan that works as follows. John will not have to repay his loan for 5 years. During this "grace period" the loan obligation will compound at 4% per year. For the next 5 years, a monthly payment will be required, and the interest rate will be 0.5% per month. What will be John's monthly payment over the 60-month repayment period?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.