Macmillan Learning

Your parents (if their credit rating qualifies) can take out a federal Direct PLUS loan ("parent PLUS loan") to pay for the total remaining cost of your undergraduate education, after any other financial aid (such as a a federal direct student loan). The simple interest rate was 5.50% for 2019-2020. The standard repayment plan is fixed monthly payments over 10 years, and your parents can elect to defer the start of repayment until six months after your graduation. Suppose that you need more than you can borrow with a federal direct student loan, so your parents take out a PLUS loan on your behalf on September 1 before your senior year for $10,000 under the terms above, and they begin paying it back six months after your June 1st graduation without making any interest payments in the mean time.

How much is their monthly payment? (Round your answer to two decimal places.)
$