Here we are to calculate the monthly payment. In other words, the annuity payments
The formula to use is the present value of the annuity which is give by PVA = P *(1-(1+r)^-n)/r
r = monthly interest rate = 13.5/12 = 1.125% or 0.0125
n = 3 years = 36 months = 36
P (Monthly payment) = ? (To calculate)
PVA = 6,800
Substituting in the above formula we het
6,800 = P*(1-(1+0.0125)^-36)/0.0125
6,800 = P*28.84726737
P = 6,800/28.84726737
P = $235.72
Monthly payment = $235.72