Joan College is a twenty-three year old college senior who used the Stafford loan program to finance a portion of her college expenses. Student loans under the U.S. government's popular Stafford program let college students borrow money up to a certain amount each year (based on their year in college and financial need). Stafford loans are the most common type of educational loan, and they have a floating interest rate that readjusts every year with the stipulation that the rate cannot exceed 8.25% per year compounded monthly. Four years ago, Joan borrowed $30,000 at an interest rate of 8% per year compounded monthly. She borrowed $27,000 three years ago at an interest rate of 7% per year compounded monthly. Two years ago, she borrowed $25,900 at 6% per year compounded monthly, and last year she borrowed $24,800 at an interest rate of 6.5% per year compounded monthly. Joan would now like to consolidate her debt into a single five-year loan that charges a 6% fixed annual interest rate compounded monthly. Joan will start making monthly payments next year to pay off the consolidated fixed rate loan. Compute the amount of the monthly payment to pay off the consolidated fixed rate loan over a five-year period. Show all of your work