A student loan program allows college students to borrow money at 7 percent annual interest
1 answer:
Answer:
$46,271.89
Step-by-step explanation:
First, we calculate the effective annual rate(given the annual rate compounded monthly is 7%):

We can now determine the future value of a $35,000 loan at an effective rate of 7.229008% p.a:

Hence, the student has accumulated $46,271.89 at the end of 4 years.
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