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Viola took out a $8,470 Stafford Loan at the beginning of her four-year college career. The loan has a duration of ten years and an interest rate of 8.5%, compounded monthly. How much more will Viola's monthly payment be if the loan is subsidized. Round all dollar values to the nearest cent.

 Feb 3, 2021
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"Subsidy" means financial aid by either the University, one form or another of some government, a foundation......etc. You have to state the amount of subsidy and its terms. As a result, the loan payments may be  quite a bit less than without subsidy.

 Feb 3, 2021

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