Answer :
To calculate the periodic payment (PMT) we use the following formula:
[tex]\text{PMT}=\frac{FV\times i}{(1+i)^n-1}[/tex]Where "FV" is the Future Value, "i" is the interest rate, and "n" is the number of periods. Replacing the known values we get:
[tex]\text{PMT}=\frac{3648\times0.08}{(1+0.08)^{22}-1}[/tex]Solving the operations:
[tex]\text{PMT}=52.68[/tex]