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Megan had taken an education loan of $28,000 for her higher studies. This loan now needs to be repaid in equal monthly installments over the

Megan had taken an education loan of $28,000 for her higher studies. This loan now needs to be repaid in equal monthly installments over the next 8 years. What is the amount of the monthly loan payment, if the loan carries a simple annual interest of 6%? Use a calculator to determine the amount and round your answer to two decimal places.

a. $280.42
b. $300.54
c. $320.85
d. $367.96

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