document.write( "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) \n" ); document.write( "

Algebra.Com's Answer #768995 by josmiceli(19441) $\"\"$ $\"About$

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If the 3% is annual interest, convert months to years
\n" ); document.write( " $\"+60%2F12+=+5+\"$ yrs
\n" ); document.write( " $\"+I+=+P%2Ar%2At+\"$
\n" ); document.write( " $\"+I+=+45000%2A.03%2A5+\"$
\n" ); document.write( " $\"+I+=+6750+\"$
\n" ); document.write( " $\"+P+%2B+I+=+45000+%2B+6750+\"$
\n" ); document.write( " $\"+P+%2B+I+=+51750+\"$
\n" ); document.write( "The monthly payment is:
\n" ); document.write( " $\"+51750%2F60+=+862.5+\"$
\n" ); document.write( "$862.50 /mo. \n" ); document.write( "

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