Troy Juth wants to purchase new dive equipment for Underwater Connection, his retail store in Colorado Springs. He was offered a $42,000 loan at 3% for 72 months. What is his monthly payment by formula? (Round your answer to the nearest cent.)
You must know the formula for this!
Assuming the rate is 3% per annum, compounded monthly,
i = .03/12 = .0025
n = 72
payment --- p
p( 1 - 1.0025^-72)/.0025 = 42000
solve for p