Assume you graduate from college with $32,000 in student loans. If your interest rate is fixed at 5.00% 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.)

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Part 1

What will Your monthly payment will be

$ Enter your response here.

(Round to the nearest cent.)