You have decided that you will go to law school after graduation, which will be a 3-year program. You want to borrow enough money to cover all 3 years of law school (tuition, books, rent, food, etc.), which you estimate to be $150,000. You go to the bank, and work out a plan for a loan with a customized repayment option since you will not be earning money for the next 3 years while in school. The bank will let you borrow $150,000 now, and you can pay it back over the next 10 years (120 months) according to the following plan:

For the next 3 years (month 1 to month 36), since youll be in graduate school, you will make a smaller monthly payment, which well call X. After that, since youll have a job, you will pay 5X from month 37 through month 84. After month 84 you anticipate that you can afford to increase your payment, so from month 85 through 120, you will pay 12X each month. After your last payment in month 120, the loan will be completely paid off. The monthly interest rate is 0.55%.

Find X.

Note: When calculating interest payment, you CANNOT use IPMT function as the monthly payments are different across the whole payment period.

Use Excel and show cell references please