If a student borrows $⁢20,000 with an annual interest rate of 3% for 10 years, what is their monthly payment according to the formula M=(P⋅(r)/(12)⋅(1+(r)/(12))^12⁢t)/((1+(r)/(12))^12⁢t−1) ?

Use a monthly rate of 0.03 ÷ 12 = 0.0025 and 12 × 10 = 120 monthly payments. Substituting P = 20,000 into the formula gives a monthly payment of about $193.12, which rounds to approximately $193.00. Therefore, the correct choice is $193.00.

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