To finance his education, Chris took out student loans totalling $28,500. He consolidated these loans into a single loan with monthly payments for 10 years and an interest rate of 6.7%. After making payments for 7 years, his grandfather has graciously offered to pay off the remaining balance. Calculate the amount needed to pay off his loan.

The amount needed to pay off this loan after 7 years is $.

(Round to the nearest cent as needed.)