The monthly payment M of a loan amount P for y years and interest rate r canbe calculated by the formula: M=\frac{P(r / 12)}{1-(1+r / 12)^{-12 y}} (a) Calculate the

monthly payment of a $85,000 loan for 15 years and interest rate of 5.75% (r = 0.0575). Define the variables P, r, and y and use them 3Dto calculate M. Calculate the total amount needed for paying back the loan. 5) Calculate the total amount needed for paying back the loan.