Asked by Anonymous

Troy Juth wants to purchase new dive equipment for Underwater Connection, his retail store in Colorado Springs. He was offered a $45,000 loan at 3% for 60 months. What is his monthly payment by formula? (Round your answer to the nearest cent.)

Monthly payment $
Answered by Steve
so, do you have the formula?
If so, just plug in your numbers. What is your formula, and what do you get?
Answered by Anonymous
Never mind, I got it:

I = PRT
I = 45,000 * 0.03 * 5
I = 6,750

(62,000 + 6,750) / 60 = $862.5
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