SOLUTION: 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 month

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Question 1147648: 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 mearest cent)
Found 2 solutions by josmiceli, MathTherapy:
Answer by josmiceli(19441)   (Show Source): You can put this solution on YOUR website!
If the 3% is annual interest, convert months to years
yrs





The monthly payment is:

$862.50 /mo.
Answer by MathTherapy(10557)   (Show Source): You can put this solution on YOUR website!

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 mearest cent)
As far as I know, loans that're extended are usually subjected to COMPOUND INTEREST, not simple interest.

Correct monthly payment:  

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