URGENT! Need simplified explanation on how a mathematical problem is calculated

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Haider I.Tinyiko Zingi C.Adrian I.Nicholas T.Ahmad W. have already sent a proposal.
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Description

Experience Level: Entry
Estimated Job duration: 1 day or less
Hello - I need this solution within a few hours. Thank you.

This is the problem:
"Based on language in the Higher Education Act, which says for students to qualify for federal student aid, institutions must prepare them for "gainful employment in a recognized occupation." Under the new rule, a program would comply with that requirement if the annual loan payment of a typical graduate did not exceed 20% of his or her discretionary income or 8% of total earnings.

A student graduating with a bachelor's degree in 2012 with the average $29,400 in debt would need to earn at least $36,000 a year, assuming a 5.5% interest rate and a 15-year repayment schedule."

MY QUESTION - how does one calculate that the student with the average $29,400 in debt would need to earn at least $36,000 a year, assuming a 5.5% interest rate and a 15-year repayment schedule? What is the formula?

Thank you!

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