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-fee until the completion of your degree. You expect to fnish your degree in thee 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?

*For full credit, you must show the steps/calculation toward your results.