Troy Juth wants to purchase new dive equipment for Underwater Connection, his retail store in Colorado Springs. He was offered a $62,000 loan at 6% for 72 months. What is his monthly payment by formula? (Round your answer to the nearest cent.) The question asks you to use the formula to determine the monthly payment. You can find this formula page 378 in the eBook. Monthly payment = (Finance Charge + Amount Financed) / Number of payments of the loan Here are the steps: First you need to calculate the finance charge (interest) to be paid on the loan. So you need to use the Interest formula: Finance Charge (Interest) = Principle x Rate x Time (or # of years) Once finance charges are calculated add this to the principle to get the total amount to be repaid for the loan. Now you can take this amount and divide it by the total number of payments to arrive at the monthly payment