Answer
$\$88.71$
Work Step by Step
The formula for the monthly payments is
$m=\frac{A\left (\frac{r}{12} \right ) \left (1+\frac{r}{12} \right )^n}{\left (1+\frac{r}{12} \right )^n-1}$
The given values are
Amount borrowed $A=\$1500$,
Rate of interest $r=8\%=0.08$,
Number of months $n=18$.
Substitute all values.
$m=\frac{1500\left (\frac{0.08}{12} \right ) \left (1+\frac{0.08}{12} \right )^{18}}{\left (1+\frac{0.08}{12} \right )^{18}-1}$
Simplify.
$m=\frac{11.270479367}{0.1270479367}$
$m=88.7104478809$
$m=88.71$ (Two decimal places.)