A commodity costs 10,000 reais upfront and can be purchased in 9 equal monthly installments, the first being paid one month after purchase at a rate of 6% per month. Calculate the value of each installment.

given A = 10000 i = 0.06 t = 9 P (monthly payments) = ? $$ P=\frac{Ai}{1-\left(1+i\right)^{-t}} $$ $$ P=\frac{10000*0.06}{1-\left(1+0.06\right)^{-9}} $$ P = 1470.22