Question: A student borrows $ 9 0 , 0 0 0 for business school at 9 . 0 % stated annual interest with equal monthly payments

A student borrows $

90, 000

for business school at

9.0 %

stated annual interest with equal monthly payments over

9

years. Consider this as a loan with no payments or interest during school so that the problem structure is equivalent to a standard loan received one period before the first payment. How much is the monthly payment?

Please round your answer to the nearest hundredth.

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