Assume Dave borrowed $$220$ on his personal line of credit. Interest is charged at a rate of $10$ percent, but calculated on a daily basis.

Dave is required to pay a minimum of $5$ percent of the remaining loan balance every month. What would be Dave's first monthly loan

payment? Assume a $30-$day month and a $365-$day year. $($Round your answer to $2$ decimal places. Omit the $"$$$"$ sign in your

response.$)$

Monthly loan payment