Fred was on the seven year plan at the University of South Carolina and racked up $65,000 in student loans, which carry an annual interest rate of 8.5 percent and require monthly payments. His mom has offered to help him pay them off, but she wants to see him become responsible (good luck on that). She has said that if he pays off half of the debt within three years, she will pay the rest. How much would Fred have to pay on his student loan each month so that he had paid off exactly half of it within in three years?
Please show work and formulas used or the npv, payment, nper, fv, and apr values.