The formula is the following:
[tex]16,000(1+0.062)^n\text{ wherein n is the number of the years. }\\\text{For n=5 we get:}\\16,000(1+0.062)^5=\$21614[/tex]
In order to get the monthly amount, divide the above number by the number of months in 5 years like this:
[tex] \frac{\$21614}{5\times12}=\$360 [/tex]
Answer $360
