Answer:
250.32 dollars
Explanation:
The given loan amount is equal to 8,700 dollars and the number of years is 3 years and the a p r is equal to 2.31 percentage. The formula for monthly payment is a is equal to p into or divided by 12 into 1 plus or divided by 12 points the whole power and whole divided by 1 plus r divided by 12 points.The whole power n minus 1 in this formula, p is the lown amount and r is the well interest rate and n is the number of payments here. We have the number of years is 3, so the number of payments will be 36 points. Then, by this formula we have the monthly payment: a is equal to 8700 into 0.0231, divided by 12 into 0.0231 divided by 12 plus 1. The whole power 36 whole divided by 0.0231, divided by 12 plus 1, the whole power 36 minus 1, and it will be equal to 250.32 dollars. Therefore, the monthly payment is equal to 250.32 dollars.