so, do you have the formula?
If so, just plug in your numbers. What is your formula, and what do you get?
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 $
2 answers
Never mind, I got it:
I = PRT
I = 45,000 * 0.03 * 5
I = 6,750
(62,000 + 6,750) / 60 = $862.5
I = PRT
I = 45,000 * 0.03 * 5
I = 6,750
(62,000 + 6,750) / 60 = $862.5
3 answers