The formula for calculating the uniform monthly payments is as follows:
[tex]A=\frac{P(i*(1+i)^{n})}{(1+i)^{n}-1}[/tex]
where
P=amount borrowed=6000
i=monthly interest, equals APR/12=0.06/12=0.005
n=number of periods/months (number of years * 12)=5*12=60
Here, substituting numerical values,
[tex]A=\frac{6000(0.005*(1+0.005)^{60})}{(1+0.005)^{60}-1}[/tex]
=$115.997
=$116.00 (to the nearest cent)
