If a family borrows $\$ 21,504$ for an addition to their home, and the loan is to be paid off in monthly payments over a period of 8 years, how much should each payment be? (Interest has been included in the total amount borrowed.) Round your answer to the nearest cent, if necessary.

Step 1 ：First, we need to understand that the total amount borrowed already includes the interest. So, the total amount to be paid back is $\$21,504$.

Step 2 ：Next, we need to calculate the number of payments. Since the loan is to be paid off in monthly payments over a period of 8 years, there are $8 \times 12 = 96$ payments in total.

Step 3 ：Finally, we divide the total amount by the number of payments to find out how much each payment should be. So, each payment should be $\frac{\$21,504}{96} \approx \$223.79$.

Step 4 ：Thus, each payment should be approximately $\boxed{\$223.79}$.