Determine the monthly payment for the installment loan.

Amount Financed$($P$)$

Annual Percentage Rate$($r$)$

Number of Payments per Year$($n$)$

Time in Years$($t$)$

$$$$1000$

$6\%$

$12$

$3$

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Part $1$

The monthly payment is $$$

$$

enter your response here.

$($Round to the nearest cent as$$ needed.$)$