Matlab question

The monthly payment is incorrect, I need help to see whats wrong with the code.

Calculating Loan Payments Setup For your first lab, you will be required to do some calculations to determine the monthly payment for a loan given certain parameters Part 1: Entering Info Create variables that will hold the following pieces of information: The loan amount in dollars The loan term in years (how long the loan is to be repayed) The annual loan rate expressed as a percentage (e.g. 2.3% is 2.3) Part 2: Calculating the Loan Payments Using the following equation, calculate the loan payments. Pay attention to what each symbol in the equation represents and in wha they are in Payments = rP(1 + r) (1 + r) - 1 In the equation: . P is the loan amount (also called principle) r is the monthly loan rate expressed as a decimal (e.g. 2.3% is .023) . N is the loan term in months Again, please pay careful attention to the units and what each symbol represents. You will have to do some conversion. Part 3: Solve the Problem Determine the monthly payment for the following loan. Store your final answer in a variable named monthly Payment Loan Amount: $100,000 Loan Term: 30 years Loan Rate: 2.9% annually 1 %Set the variables here: 2. 3 P= 100000 ; %loan amount in dollars 4 N= 360 ; % loan term coverting it to monthly and changing variable 5 r= 2.9/1200; % loan percentage annualy 6 7 8 %Calculate the monthly payment here: 9 monthlyPayment = r * P * (1+r)^N / (1+r)^N - 1 Output monthlyPayment = 240.6667