211.2
2. Imagine that you graduate with $20,000 in student loans. You are supposed to pay these off in 10 years and the rate on the loan is 6%, compounded monthly. What will your monthly payment be? (2 pts)
\( \Large CF = \frac{20{,}000} { \left [ \frac{1}{\frac{.06}{12}} - \frac{1}{\frac{.06}{12} \left (1+\frac{.06}{12} \right )^{120}} \right ] } = 222.04 \)