The formula of the future value of an annuity due is
Fv=pmt [(1+r/k)^(n)-1)÷(r/k)]×(1+r/k)
Fv future value 76000
PMT monthly payment?
R interest rate 0.0715
K compounded monthly 12
N time 60 months
Solve the formula for PMT
PMT=Fv÷[(1+r/k)^(n)-1)÷(r/k)]×(1+r/k)
PMT=76,000÷((((1+0.0715
÷12)^(60)−1)÷(0.0715÷12))
×(1+0.0715÷12))
=1,051.18 ....answer
Hope it helps!
