To calculate the amount of each installment, we can use the formula for the present value of an annuity.
PV = (PMT / r) x [1 - (1 + r)^(-n)]
Where PV is the present value of the loan, PMT is the monthly payment, r is the monthly interest rate (which is 18% divided by 12 months), and n is the total number of payments (which is 36).
Substituting the given values into the formula, we get:
PV = 300,000
r = 0.18/12 = 0.015
n = 36
300,000 = (PMT / 0.015) x [1 - (1 + 0.015)^(-36)]
Solving for PMT, we get:
PMT = PV x r / [1 - (1 + r)^(-n)]
PMT = 300,000 x 0.015 / [1 - (1 + 0.015)^(-36)]
PMT = $11,877.64
Therefore, each installment will be $11,877.64.