P = [r*PV] / [1 - (1 + r)^-n] where: P is the monthly payment r is the monthly interest rate (annual rate / 12) PV is the present value, or principal amount of the loan n is the number of payments (months) In this case, the principal amount PV is $34,000, the annual interest rate is 5%, so the monthly interest rate r is 5% / 12 = 0.004167 (or 0.4167%), and the term of the loan is 20 years, so n = 20 * 12 = 240 months. Substituting these values into the formula, we get: P = [0.004167 * 34000] / [1 - (1 + 0.004167)^-240] P = 141.67 / 0.6289 P = 225.43 Continue constructing the amortization table for their student loans until you have completed 12 rows of the table. What is the total amount of interest that Joe and Lauren will pay on their student loans in the first year