1. **State the problem:** Yolanda wants to find the monthly payment amount for an ordinary annuity that will accumulate to 5000 after 6 years with an interest rate of 3.6% compounded monthly. 2. **Formula for the future value of an ordinary annuity:** $$FV = P \times \frac{(1 + r)^n - 1}{r}$$ where: - $FV$ is the future value of the annuity (5000), - $P$ is the monthly payment (what we want to find), - $r$ is the monthly interest rate, - $n$ is the total number of payments. 3. **Calculate the monthly interest rate and total number of payments:** - Annual interest rate = 3.6% = 0.036 - Monthly interest rate $r = \frac{0.036}{12} = 0.003$ - Number of months $n = 6 \times 12 = 72$ 4. **Rearrange the formula to solve for $P$:** $$P = \frac{FV \times r}{(1 + r)^n - 1}$$ 5. **Substitute the values:** $$P = \frac{5000 \times 0.003}{(1 + 0.003)^{72} - 1}$$ 6. **Calculate the denominator:** $$ (1 + 0.003)^{72} = 1.003^{72} $$ Calculate $1.003^{72}$: $$1.003^{72} \approx 1.2434$$ 7. **Calculate the denominator expression:** $$1.2434 - 1 = 0.2434$$ 8. **Calculate the numerator:** $$5000 \times 0.003 = 15$$ 9. **Calculate the payment $P$:** $$P = \frac{15}{0.2434}$$ 10. **Simplify with cancellation:** $$P = \frac{\cancel{15}}{0.2434}$$ 11. **Final calculation:** $$P \approx 61.64$$ **Answer:** Yolanda needs to pay approximately **61.64** each month to have 5000 after 6 years.