Answer:
$408.25
Explanation:
The monthly repayment will be the amount dues at one year divided by 12 months.
The amount of due after will interest plus principle
The formula is : Amount = P x (1+ r)t
principle(p) = $4600
Interests (r)=6.5 %
Time( t)= 1 year
=4600 x(1+ 6.5/100)t
=4600 x (1+0.065)1
=4600 x 1.065
Amount due after one year =4,899
The monthly installment will be = 4,899/12
=$408.25
