After completing school, you had student loans totalling $$15,000\mathrm{.}00.$

With an interest rate of $3\mathrm{.}75\%,$ you'll be paying on the loan amount for a total of $11$ years.

Calculate the monthly payment on this loan:

DO NOT ROUND ANY INTERMEDIATE VALUES WHILE CALCULATING YOUR MONTHLY PAYMENT.

Monthly Payment:

${?}^{****}$ Round to $6$ decimals$**$

After paying your monthly payment for $3$ years, what will your Outstanding Balance be$?$

Complete the steps to show work used to calculate the remaining balance on this loan.

Enter the values needed for the LEFT and RIGHT sides of the amortization formula.

LOOK AT YOUR FORMULA SHEET.

Be sure to use parentheses as shown in class, use $*$ to show multiplication, and be sure to use the monthly payment value, that you found above, in your formula below:

LHS: $P.$

RHS:

Now simplify the expressions from above and enter the final values for both sides below, keeping at least $6$ decimal places:

$P.=$

Outstanding Balance after $3$ years:

$($Round final answer to the nearest cent$)$

Round all values in table to the nearest cent.

$\backslash$table$[[$Month$,\backslash$table$[[$Monthly$],[$Payment$]],\backslash$table$[[$Interest on Prior$],[$Balance$]],$Principle,$\backslash$table$[[$Outstanding$],[$Balance$]]],[$years$,1$ month,,,,$],[\backslash$table$[[3$ years, $2],[$months$]],,,,],[\backslash$table$[[3$ years, $3],[$months$]],,,,]]$