Recall the scenario from the previous question: John takes out a personal loan for $5,000 at an annual interest rate 7.5%, compounded
monthly. He plans to pay off the loan (including interest) in 3 years.
Part 2
Using your answer from part 1 in the previous question, what should his monthly
payment be if he wants to pay off the loan (including interest) in 3 years? (Round your
answer to the nearest cent.)