Given the parameters provided, we are required to calculate the value for the periodic payment over the given period.
The formula linking all the provided parameters is given to be:
[tex]PMT=\frac{PV\cdot i}{1-(1+i)^{-n}}[/tex]where
PMT = Payment
PV = Present Value
i = Rate per Period
n = Total Number of Periods
The parameters are:
[tex]\begin{gathered} PV=14,551 \\ n=105 \\ i=0.03 \end{gathered}[/tex]Therefore, we can calculate the PMT to be:
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