The total amount after 4% interest for 36 months can be determined as,
[tex]\begin{gathered} A=P(1+\frac{r}{100})^t \\ =13000(1+\frac{4}{100})^3 \\ =14623.23 \end{gathered}[/tex]The monthly payment can be determined as,
[tex]\begin{gathered} MP=\frac{A}{t} \\ =\frac{14623.23}{36} \\ =406.20 \end{gathered}[/tex]Thus, the required monthly payment is $406.20.
