Suppose you are borrowing $25,000 and making monthly payments with 1% interest. The key relationships are that for any month t (Ending month t balance) = (Ending month t 1 balance) ((Monthly payment) (Month t interest)) (Month t interest) = (Beginning month t balance) (Monthly interest rate) What should the monthly payment be, if you intend to pay off the loan in 60 months? Round your answer to the nearest cent.