#### Answer

88.71 per month

#### Work Step by Step

$m = \frac{A*(\frac{r}{12})(1+\frac{r}{12})^n}{(1+\frac{r}{12})^n-1}$
$A = 1500$, $r = .08$, $n = 18$
$m = \frac{1500*(\frac{.08}{12})(1+\frac{.08}{12})^{18}}{(1+\frac{.08}{12})^{18}-1}$
$m = \frac{1500*(.0066666)(1+.0066666)^{18}}{(1+.0066666)^{18}-1}$
$m = \frac{10*(1.12703)}{(1.12703-1)}$
$m = \frac{11.2703}{(.12703)}$
$m = 88.71$