Chapter P, Problem 32SBE

Monthly Payment For a certain instalment loan, the monthly payment $M$ is given by

$M=\frac{Pr{\left(1+r\right)}^t}{{\left(1+r\right)}^t-1}$

where $P$ is the original amount barrowed, $r$ is the monthly interest rate as a decimal, and $t$ is the number of months required to pay off the loan. What is the monthly payment if the monthly interest rate as a decimal is $0.05$, the amount barrowed was $\$\mathrm{12,\; 000}$, and the loan paid off in $36$ months?