(1 point) find the monthly payment needed to pay off a loan of $3300 amortized at 12% compounded monthly for 5 years. monthly payment = $

$73.41

Step-by-step explanation:

The formula for figuring the payment A on principal P compounded n times per year at rate r for t years is ...

... A = P(r/n)/(1 -(1 +r/n)^(-nt))

... A = 3300·(.12/12)/(1 -(1 +.12/12)^(-12·5))

... = 33/(1 - 1.01^-60)

...  ≈ 73.41

The monthly payment needed is $73.41.

what do you need me to answer?

step-by-step explanation: