A student borrows $55,000 for business school at 5.5% stated annual interest with monthly repayment over 8 years. Consider this as a loan with no payments or interest during school so that the problem structure is equivalent to a standard loan received one period before the first payment. Suppose that to better match expected student salary growth over time, the loan is structured as a growing annuity with each monthly payment growing by 0.1% compared to the previous monthly payment. How much is the first monthly payment? Please round your answer to he nearest hundredth