When interest is compounded continuously, you can calculate your monthly payment M = M(P, r, t), in dollars, for a loan of P dollars to be paid overt months using the formula M = P (er 1) 1 ert where r = APR/12 if the APR is written in decimal form. Use this formula to calculate the monthly payment on a loan of $6750 to be paid off over 48 months with an APR of 8.04%. (Round your answer to the nearest cent.)