In June 2050, John is considering a student loan. The loan scheme allows borrowers to defer the payment until they complete their degree. In addition, the loan is interest-free until the completion of a degree. John is expected to finish his degree three years from now and will begin making equal payments each month for 180 months. The quoted interest rate for the loan is 6% per year. If he plans to borrow $80,000, how much will his monthly payment be? 

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