In June 2050, you are considering getting a student loan. The loan scheme allows you to postpone the payments until you complete your degree. In addition, the loan is interest-free until the completion of your degree. You expect to finish your degree in three years from now and will begin making equal payments each month for 8 years. The interest rate for the loan is 9% per year. Required: If you borrow $60,000, how much will your monthly payment be?