Answer:
Calculation:
Total Amount: $227
Down Payment: $47
Interest Rate: 9.6% (0.096)
Number of Payments: 12
Remaining Balance: $227 - $47 = $180
Remaining Balance with Interest: $180 + (9.6/100 * $180) = $197.68
Amount of Payment: $197.68 / 12 = $16.47
Answer: The amount of each payment is $16.47.