Assume you graduate from college with

$27,000

in student loans. If your interest rate is fixed at

4.70%

APR with monthly compounding and you repay the loans over a

10-year

period, what will be your monthly payment? (Note: Be careful not to round any intermediate steps less than six decimal places.)

Question content area bottom

Part 1

Your monthly payment will be

$enter your response here.

(Round to the nearest cent.)