Monthly payments may be calculated using this formula: monthly payment=P×(r⁢(1+r)^n)/((1+r)^n−1) A student takes out a series of loans totaling $⁢64,000 with an annual interest rate of 4% After graduation, he plans to pay off the loans over 8 years. What will be his approximate monthly payment?

Use the monthly interest rate, 0.04 ÷ 12 ≈ 0.00333, and the total number of payments, 8 × 12 = 96. Substituting P = $64,000, r ≈ 0.00333, and n = 96 into the formula gives a monthly payment of about $780. Therefore, the correct choice is C, $780.00.

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