For a student loan with a principal of $⁢15,000 , an annual interest rate of 6% , and a repayment term of 15 years, what is the monthly payment according to M=(P⋅(r)/(12)⋅(1+(r)/(12))^12⁢t)/((1+(r)/(12))^12⁢t−1) ?

Use a monthly rate of 0.06 ÷ 12 = 0.005 and 15 × 12 = 180 monthly payments. Substituting these values into the formula gives a payment of about $126.57 per month, so the correct choice is $126.57.

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