Question $3$

Rafael had $4$ years left in college, he took out a student loan for $$26,900.$ The

loan has an annual interest rate of $4\mathrm{.}5\%.$ Rafael graduated $4$ years after acquiring

the loan and began repaying the loan immediately upon graduation.

According to the terms of the loan, Rafael will make monthly payments for $10$

years after graduation. During the $4$ years he was in school and not making

payments, the loan accrued simple interest.

If Rafael's loan is unsubsidized, find his monthly payment. Round to $2$ decimal

places and do not include the $ symbol.