The amount of the loan is $11000 (this is also called the principal)
the loan is for 5 years (so time is 5), and the annual interest reat is 6% (which in math form becomes: 0.06.
So, we use the formula for the Total value of the loan (also known as ACCRUED value), which is the following exponential function:
Here we replace: P (principal) with 11000
r with 0.06 (annual interest rate)
and t with 5 (number of years), and we get:
Therefore the total to be paid for the loan is $14720.48. Now, in order to find the amount to be paid per month during the 5 years of the loan, we reacall that there are 12 months in a year, therefore we are going to have 5 * 12 = 60 monthly loan payments to complete the total loan amount. Then each loan payment per month will be:
$14720.48 / 60 = $245.34