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 $145,000. 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 $145,000 now, and you can pay it back over the next 20 years (240 months) according to the following plan:

For the next 3 years (month 1 to month 36), since you'll be in graduate school, you will make a smaller monthly payment, which we'll call X.

After that, since you'll 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 240, you will pay 12X each month. After your last payment in month 240, the loan will be completely paid off.

The monthly interest rate is 0.55% Find the value of X.

(Hint: you will need to use Solver or Goal Seek for this. Set up the loan payments, but be careful to take the customized repayment plan into account.)