Find how much will petra need to pay each month, Microeconomics

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Find how much will petra need to pay each month

Problem

Petra's Pumpkin Stand bought a new packaging machine for $16046 from the manufacturer. The manufacturer charges a nominal annual rate of 3% per year, compounded monthly. To have the machine paid off in 5 years, how much will Petra need to pay each month?

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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Microeconomics: Find how much will petra need to pay each month

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