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?

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?

Ms. Sue · Accepted Answer

I = PRT I = 62,000 * 0.06 * 6 I = 22,320 (62,000 + 22,320) / 72 = $__________

Megan · Answer

Where do you get the T as 6?

Becca21 · Answer

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