Question $9(7\mathrm{.}5$ points$)$

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$[$Hint: The following question is just like the car loan question completed in class, except that it quotes an annual rate with monthly payments. The periodicity of the rate must always match the payments. You can convert the annual rate into a monthly rate by dividing it by $12.]$

Qian has just graduated from university, and she has received a letter stating that she must start repaying her student loans.

The letter gives the following information:

Loan Balance: $$32,900$

Annual Percentage Rate $($APR$)$: $5\mathrm{.}60\%$

Loan Amortization Period: $9\mathrm{.}5$ years

Calculate Qian's MONTHLY required loan payment:

$($Keep a minimum of $5$ decimal places on intermediate calculations. Round your final answer to $2$ decimal places, i$.$e$.234\mathrm{.}56)$

Monthly required loan payment $=$ $$\_\_\_\_$

Your Answer: