Claudius took out an unsubsidized Stafford loan at the beginning of his six-year college career. The loan had a
principal of $4,850, an interest rate of 6.5% compounded monthly, and a duration of ten years. If Claudius started
paying off the loan when he graduated, what is his monthly payment? Round all dollar values to the nearest cent.
a. $71.37
b. $81.25
C. $55.07
d. $76.55
Please select the best answer from the choices provided
СА
B
Oo oo
00
D