Jayden just graduated from college and owes $19,400 on his student loans. The bank charges an annual interest rate of 1.5%, compounded monthly. If Jayden wants
to pay off his student loans using equal monthly payments over the next 15 years,
what would the monthly payment be, to the nearest dollar?
……………
M = pr / 1-(1+r)-n
M = the monthly payment
P= the amount owed
r = the interest rate per month
n = the number of payments