Question 1147648
If the 3% is annual interest, convert months to years
{{{ 60/12 = 5 }}} yrs
{{{ I = P*r*t }}}
{{{ I = 45000*.03*5 }}}
{{{ I = 6750 }}}
{{{ P + I = 45000 + 6750 }}}
{{{ P + I = 51750 }}}
The monthly payment is:
{{{ 51750/60 = 862.5 }}}
$862.50 /mo.