Question 1053646
The formula is monthly payment= rPV divided by (1-(1+r)^(-n)), where r is the monthly (here) rate PV the loan amount, and n the number of compounding periods.
P=(.12/12)(8300)/(1-(1+0.01)^(-60))
P=83/(1-0.550)
P=83/0.4496.
Without rounding until the end, the payment is $184.63
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