Suppose by the time you graduate your student loan will accumulate to the national average of $37,000 as mentioned in one of the articles.

Suppose by the time you graduate your student loan will accumulate to the national average of $37,000 as mentioned in one of the articles. If you plan to pay back the loan in 5 years with equalmonthly payment, and assume the interest rate is 6% compounded monthly. How much do you have to pay each month? Please briefly show the steps for how you arrive at your answer. If you're thinking about solving the problem the following way: $37,000/(12*5)=$616.67, you've missed the point of this chapter grandly.

Need one paragraph and showing work of how much you would pay,