Use the simple interest formula. A student graduates from college with 44,000 in student loans with a 5.6% annual simple interest rate. In order to reduce his debt as quickly as possible, beginning next month he is going to pay $900 per month towards the loan. After his first payment, how much will he owe on the loan? Round to the nearest cent as needed.

To find out how much the student will owe on the loan after the first payment, we need to subtract the payment amount from the original loan amount and apply the simple interest for one month.

Step 1: Calculate the interest for one month
The annual interest rate is 5.6%, so the monthly interest rate can be calculated by dividing the annual rate by 12:
\text{{Monthly Interest Rate}} = \frac{{5.6}}{{12}} = 0.4667\%

Step 2: Calculate the interest on the loan for one month
The interest on the loan for one month can be calculated by multiplying the loan amount by the monthly interest rate:
\text{{Interest for One Month}} = \text{{Loan Amount}} \times \left( \frac{{\text{{Monthly Interest Rate}}}}{{100}} \right) = \$44,000 \times \left( \frac{{0.4667}}{{100}} \right) = \$205.33

Step 3: Calculate the remaining balance after the first payment
To find the remaining balance after the first payment, we subtract the payment amount from the total amount (loan amount + interest for one month):
\text{{Remaining Balance}} = \text{{Loan Amount}} + \text{{Interest for One Month}} - \text{{Payment Amount}} = \$44,000 + \$205.33 - \$900 = \$43,305.33

Answer: After his first payment, the student will owe \$43,305.33 on the loan.