Answer:
$57.73
Step-by-step Explanation:
We'll use the below formula to solve the given question;
[tex]FV_{\text{ ordinary anuity}}=PMT\frac{(1+i)^n-1}{i}[/tex]where;
[tex]\begin{gathered} FV=\text{ future value = \$95,000} \\ i=\text{interest rate =10/100 = 0.1 = 0.1/12 = 0.0083} \\ n\text{ = number of payments = 12 x 27= 324} \\ \text{PMT = monthly payment = ?} \end{gathered}[/tex]Let's go ahead and substitute the above values into our formula and solve for PMT;
[tex]\begin{gathered} 95000=PMT\frac{(1+\frac{0.1}{12})^{324}-1}{\frac{0.1}{12}} \\ 95000=PMT\frac{13.714}{0.0083} \\ 95000=1645.7024\text{PMT} \end{gathered}[/tex]Let's divide both sides of the equation by 1645.7024;
[tex]\begin{gathered} \text{PMT}=\frac{95000}{1645.7024} \\ \text{PMT}=\text{ \$}57.73 \end{gathered}[/tex]