EXPLANATION
Since we have $4,000, and we need to charge a 15% interest rate, we can apply the following relationship:
[tex]A=P\left(1+\frac{r}{12}\right)^{^{12*t}}[/tex]Plugging in the terms into the equation:
[tex]A=4000\left(1+\frac{0.15}{12}\right)^{12*5}-4000[/tex]Multiplying terms:
[tex]A=4428[/tex]Dividing this value into 5 years:
[tex]Monthly\text{ payment=}\frac{4428}{5*12}=73.81[/tex]In conclusion, we will need to pay $73.81
