For the best terms on a loan or credit card, you need a credit score above 700. To achieve this, start establishing credit now. Pay all of your bills on time. In addition, use only one-third of your available credit limit and pay off your revolving balance(s) each month. R.J.Johnson has excellent credit. She wants to purchase a piece of equipment for her business and was offered 6% for 60 months for the $64,000 unit.

What is her monthly payment by formula? (Round your answer to the nearest cent.)

Monthly payment

$