Answer: $59.56
Explanation:
Convert the figures to monthly figures.
Term = 2 * 12 months = 24 months
Rate = 5%/12 = 5/12%
The amount should be constant so it will be an annuity.
The $1,500 will be the future value of that annuity.
Future value of annuity = Annuity * ( ( 1 + rate) ^ number of periods - 1) / rate
1,500 = Annuity * ( ( 1 + 5/12%)²⁴ - 1) / 5/12%
1,500 = Annuity * 25.18592
Annuity = 1,500 / 25.18592
= $59.56
