Answer:
$265.60
Explanation:
P0 = d(1 - (1+i/k)^-nk / (n/k) (Formula as attached to the question)
P0 = $12,000
i = 0.03
k = 12
n = 4
12,000 = d( 1 - (1+0.03/12)^-4*12) / (0.03/12)
1000 * 0.03 = d(1 - (1.0025)^48
30 = d(1 - 0.997053263)
30 = d(0.112946737)
d = 30 / 0.112946737
d = 265.6119229
d = $265.6
Hence, the monthly payment will be $265.60
