Question

Troy juth wants to purchase new dive equipment for Underwater connection, his retail store in Colorado springs. He was offered a $62,000 At 6% for 72 months. What's is his monthly payment by formula?

Answer 1

I = PRT
I = 62,000 * 0.06 * 6
I = 22,320

(62,000 + 22,320) / 72 = $__________

Answer 2

Where do you get the T as 6?

Answer 3

You get the T by dividing 72 (total months) by 12 (months in a year) = 6 years