please answer question 19

18. (8 mins) You arrange to borrow a loan amount for some new furniture. The loan will be repaid in Nequal, monthly payments (end-of-month payments) with interest compounded monthly at the monthly interest rate. What is the amount of the monthly payment? Loan amount = $ 7,500 nt Monthly interest rate = 0.8% N, months to repay = 36 A= ? P=7500 t= 36 months - 3yrs r-.8x12 -9.61 096 12.3 A = 7500 + 12 A-pllt hl n =12 -)2.3 As 9991. 723776 amount montny $ 277.55 19. (12 mins) You are still negotiating for the same loan as in Problem 15, but the finance manager at the furniture store offers you a plan where you don't make the first payment until M months after you buy the items. (For example, if you buy on July 31, and M is 3, then your first payment is on October 30.] However, interest will accumulate on the unpaid loan, so the monthly payment amount will be larger. The total number of payments remains the same as in Problem 15, and the interest rate is the same. Solve the problem for M=10