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Let's break this problem into steps.

We are given:
- Principal $ P = 15,000 $ dollars
- Annual Percentage Rate (APR) $ r = 9\% = 0.09 $
- Loan term $ t = 3 $ years

We will use the formula for the monthly payment on an amortized loan, which is:

\[
M = P \times \frac{r(1 + r)^n}{(1 + r)^n - 1}
\]

Where:
- $ M $ is the monthly payment.
- $ P $ is the principal (loan amount).
- $ r $ is the monthly interest rate (annual interest rate divided by 12).
- $ n $ is the number of payments (loan term in months).

Let's first calculate the monthly interest rate and the total number of payments:
- Monthly interest rate = $ \frac{0.09}{12} = 0.0075 $
- Total number of payments $ n = 3 \times 12 = 36 $ months.

Now, let's calculate the monthly payment:

\[
M = 15000 \times \frac{0.0075(1 + 0.0075)^{36}}{(1 + 0.0075)^{36} - 1}
\]

I'll compute this for you.

The monthly payment is approximately $ M = 476.996 $ dollars, or $ 477.00 $ dollars when rounded to the nearest cent.

Now, would you like further details on how to calculate parts (b) and (c) of the problem? Here are some related questions you might want to explore:

1. How can we calculate the total amount paid over the term of the loan?
2. What is the total interest paid during the loan period?
3. How do we calculate the percentage of total payments that go towards the principal?
4. How do we calculate the percentage of total payments that go towards interest?
5. How does changing the loan term or interest rate affect the monthly payment?

**Tip**: When dealing with loan calculations, always break it down into manageable steps—interest rate, payment terms, and total number of payments.

Consider a student loan of $15,000 at a fixed APR of 9% for 3 years. a. Calculate the monthly payment. b. Determine the total amount paid over the term of the loan. c. Of the total amount paid, what percentage is paid toward the principal and what percentage is paid for interest.

Calculate the monthly payment for a $15,000 student loan at a fixed APR of 9% for 3 years. Learn the total amount paid over the loan term, and determine the percentage paid toward principal and interest using amortization formulas.

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