Noah just graduated from college and owes $15, 900 on his student loans. The
bank charges an annual interest rate of 4.8%, compounded monthly. If Noah
wants to pay off his student loans using equal monthly payments over the next 15
years, what would the monthly payment be, to the nearest dollar?
M
=
Pr(1+r)n
(1+r) n − 1
M =the monthly payment
P
= the amount owed
r = the interest rate per month
n the number of payments