[tex]\begin{gathered} I=PV\cdot r\cdot t \\ I=\text{Interest}=6144 \\ r=\text{interest rate} \\ PV=\text{Present value=9600} \\ t=\text{time}=5 \\ \text{Solving for r:} \\ r=\frac{I}{\text{PV}\cdot\text{t}}=\frac{6144}{9600\cdot5}=0.128 \end{gathered}[/tex][tex]\begin{gathered} \text{PMT}=\frac{rPV}{1-(1+r)^{-n}} \\ \text{PMT}=\frac{0.128\cdot9600}{1-(1+0.128)^{-60}} \\ \text{PMT}=1229.693822\approx1229.7 \end{gathered}[/tex]
PMT = $1229.7
