Carissa's parents were unable to pay for her last year of college, so she obtained a student loan of $6,500. The conditions of the loan were: She would make no payments while in college, but the interest would accumulate at 3.4% compounded monthly. Upon graduation she would begin equal monthly payments that would repay the loan in 8 years. (Round your answers to the nearest cent.) (a) What was the amount of the loan when she graduated 1 year later? (b) What monthly payments will repay the loan in 8 years?

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