Use Student Loans on page 4 of the Preliminary Material.
In September 2014 Urmila started a one-year postgraduate course at university.
She had to pay total fees of £9300
The university awarded her a grant of £6200 towards the fees.
The rest of the money was loaned to her by the Student Loans Company (SLC).
In September 2015 the SLC added 5.5% interest to the money they loaned her.
At the same time, Urmila started a job on an annual salary of £56 700
She now has to start repaying her loan by making monthly payments to the SLC.
The SLC takes payments from her salary each month for 10 months.
Urmila then decides she wants to pay off the rest of her loan as one final payment.
How much should this final payment be?
You may assume that no more interest is added to the outstanding loan.
[7 marks]