This is the formula and how they solved it

Finding the monthly payment The monthly payment to pay off an amortized loan is given by this formula. Monthly Payment Formula P M= Here M is the monthly payment, P is the principal, r is the interest -12t rate, and t is the number of years that payments are made. 12 To find Dan's monthly payment, we use these values. P = $17,500 r = 4.45% = 0.0445 1 = 5 years By substituting these values into the formula and using the ALEKS calculator, we get this. 0.0445 17,500 12 M= -12(5) = 325.855... 0.0445 + 12 Rounding to the nearest cent, we find that Day's monthly payment is $325.86. (b) Finding the total amount to repay the loan Than are 10 - -.. mariner for - - An monthlisnaumanto More Practice