Using the formula M=(P⋅(r)/(12)⋅(1+(r)/(12))^12⁢t)/((1+(r)/(12))^12⁢t−1) , calculate the monthly payment for a student loan of $⁢12,000 with an annual interest rate of 3.5% and a term of 7 years.

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Using the formula M=(P⋅(r)/(12)⋅(1+(r)/(12))^12⁢t)/((1+(r)/(12))^12⁢t−1) , calculate the monthly payment for a student loan of $⁢12,000 with an annual interest rate of 3.5% and a term of 7 years.

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