Loretta has a student loan with a 10-year repayment term. The loan amount is $8,600 with a fixed annual interest rate of 2.9%. Which equation correctly calculates Loretta's monthly loan payment?
A) M = P[r(1 + r)ⁿ] / [(1 + r)ⁿ – 1]
B) M = P[r(1 - r)ⁿ] / [(1 - r)ⁿ + 1]
C) M = P[1 + r]ⁿ
D) M = P[r / (1 - (1 + r)⁻ⁿ)]