1) Petty Marine Co. has a long-term plan to expand to a second location that's actually near some water, so they want to start a monthly annuity to save $120,000 in capital over 5 years. The best rate they can find is 8%.

Find the monthly payment. A) $5439.90 B) $1633.17 C) $7253.20 D) $3626.60

I've tried answering this question for days, but my answer is incorrect. Can someone please help me? I need to see the formula, not so much the answer, but how one came about it. I'm not sure what I'm doing incorrect.