Question 1103194
the monthly payments need to be 384.1885271 dollars.
round to nearest penny = 384.19.


i used the texas instruments business analyst II.


you can also use an online financial calcujlator.


one that i use is at <a href = "https://arachnoid.com/finance/" target = "_blank">https://arachnoid.com/finance/</a>


the result of my session is shown below:


<img src = "http://theo.x10hosting.com/2017/113005.jpg" alt="$$$">


i entered:


present value = 0
future value = -15000
number of time periods = 3 years * 12 months per year = 36 months.
payment amount was left blank.
interest rate per time period = 5.5% / 12 = .4583333%
payment made at end of time period.


i then clicked on PMT and it told me that the monthly payment needed to be $384.19.


you can also solve by formula.


the formula you need is:


ANNUITY FOR A FUTURE AMOUNT WITH END OF TIME PERIOD PAYMENTS 

a = (f*r)/((1+r)^n-1) 

a is the annuity.
f is the future amount.
r is the interest rate per time period.
n is the number of time periods. 


a is what you're looking for.
f is 15000
r is 5.5/1200
n is 3*12


formula becomes a = (15000*5.5/1200)/((1+5.5/1200)^36-1)


stick that in your calculator exactly as shown and you will get a = 384.1885... which rounds to 384.19.


the interest rate of 5.5/1200 is 5.5% / 100 = .055 / 12 = .00458333333.....


that's your monthly interest rate.


3*12 is your number of months.