Can I ask if the formula for repayment written here is the original one? Or is it inferred from some other formula? Can you explain it to me? Thank you!

Question You wish to borrow 2,500 today to purchase a new bicycle and will take out a loan to finance the purchase. Repayments will be monthly (with the first repayment occurring one month from today) and the term of the loan is 5 years. If the annual interest rate with monthly compounding is 10%, what is the fair monthly repayment on the loan? Answer to the nearest pound, Select one: O a. 45 O b. 57 O c 82 Od. None of the above Expert answer Expert in Finance Repayment = Pxsx ((1+r)^n)/((1+r)^n - 1) = 2500*0.00833* ((1+0.00833)^60)/((1+0.00833)^60-1) =53.11 Correct answer is D