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Please show work and solve problem. Joe secured a loan of $11,000 four years ago from a bank for use toward his college expenses. The

image text in transcribedPlease show work and solve problem.

Joe secured a loan of $11,000 four years ago from a bank for use toward his college expenses. The bank charges interest at the rate of 4%/year compounded monthly on his loan. Now that he has graduated from college, Joe wishes to repay the loan by amortizing it through monthly payments over 12 yr at the same interest rate. Find the size of the monthly payments he will be required to make. (Round your answer to the nearest cent.)

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