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Alex Dunphy borrows $26,000 to pay for her Caltech’s tuition. The adjustable rate loan carries a...

Alex Dunphy borrows $26,000 to pay for her Caltech’s tuition. The adjustable rate loan carries a 6% annual percentage rate for the first 5 years. After that the rate will be adjusted downward to 3% annually to reflect market conditions. The loan term is 20 years and payments are made monthly. What is the monthly payment after interest rate resets to 3%?

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