Adapted from P$1-27.$ Using MATLAB for Financial Advising $[50$ points$]$

The monthly payment, M$,$ of a loan amount $($or principal$),$P$,$ for $$n$$ years at a

fixed annual rate of interest $$r$$ can be calculated by the formula

$()()$

$()$

$+=+$

$12$

$1212$

$12$

$12$

$1$

$11$

n r r

n r

M P

$($a$)$ Calculate the monthly payment of a $ $51,500($four years of college$)$ loan $($P$)$ for

$15$ years at an interest rate of $6\mathrm{.}53\%($r $=0\mathrm{.}0653,$ the interest of an

unsubsidized Stafford loan$).$

$($b$)$Calculate the total amount needed for re$-$paying loan $($total payments through

$15$ years$).$

solve using matlab