Calculate the monthly repayment amount for a student loan of $⁢10,000 at a 5% annual interest rate for a period of 3 years using the formula M=(P⋅(r)/(12)⋅(1+(r)/(12))^12⁢t)/((1+(r)/(12))^12⁢t−1)

The monthly interest rate is 0.05 ÷ 12, and the 3-year loan has 12 × 3 = 36 monthly payments. Substituting P = $10,000, r/12 = 0.05/12, and 12t = 36 into the formula gives a monthly payment of about $299.71. Therefore, the correct choice is $299.71.

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