Answer:
[tex]M=\$605.58[/tex]
Step-by-step explanation:
From the question we are told that:
Issac's Debit [tex]P=\$8100[/tex]
Annual interest rate [tex]r=21.9\%[/tex]
Number of payments [tex]n=16[/tex]
Generally the equation for Monthly payment is mathematically given by
[tex]M=\frac{Pr}{1-(1+r)^-^n}[/tex]
[tex]M=\frac{1800*0.0219}{1-(1+0.0219)^-^{16}}[/tex]
[tex]M=\$605.58[/tex]
Therefore Payment for each month is given as
[tex]M=\$605.58[/tex]
