A new school budiding was recently built in the atca. The entire cost of the project was $16,000,000. The city has put the project on a 20 year loan with an APR of 2.9 \& . There are 23,000 families that wal be responsible for making monthy payments towards the loan. Determine the fotat amount that each family should be required to poy each year to cover the cost of the new school buliding Bound your answer to the nearest cent, if necessary. Formulas