Arturo took out $38,000 in student loans at 4.25% interest. The standard repayment plan is to repay the loans in 10 years with equal monthly payments at the end of each month. (copyrighted exam question - do not distribute) 1+ A. Periodic Compound Interest: S = P(1- r m B. Continuously Compounded Interest: S = Per == C. Future Value of an Ordinary Annuity: S = R D. Present Value of an Ordinary Annuity: P = R mt (1+) 1 - 1 r" m (1+) T mt m 1. Choose the correct formula above for this scenario. 2. How much will each of Arturo's monthly loan payments be? (Round your answer to the nearest cent.) $