Calculate the monthly payment by table lookup and formula. (Answers will not be exact due to rounding of percents in table lookup.). (Use 13% for table lookup.). (Use the loan amortization table) (Round your answers to the nearest cent.) Purchase priceof a used car Downpayment Number ofmonthly payments Amountfinanced Total of monthlypayments Total financecharge APR $5,673 $1,223 48 $ 4,450 $5,729.76 $1,279.76 13% Monthly Payment By table By formula
Calculate the monthly payment by table lookup and formula. (Answers will not be exact due to rounding of percents in table lookup.). (Use 13% for table lookup.). (Use the loan amortization table) (Round your answers to the nearest cent.) Purchase priceof a used car Downpayment Number ofmonthly payments Amountfinanced Total of monthlypayments Total financecharge APR $5,673 $1,223 48 $ 4,450 $5,729.76 $1,279.76 13% Monthly Payment By table By formula
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Calculate the monthly payment by table lookup and formula. (Answers will not be exact due to rounding of percents in table lookup.). (Use 13% for table lookup.). (Use the loan amortization table) (Round your answers to the nearest cent.)
| Purchase price of a used car |
Down payment |
Number of monthly payments |
Amount financed |
Total of monthly payments |
Total finance charge |
APR |
| $5,673 | $1,223 | 48 | $ 4,450 | $5,729.76 | $1,279.76 | 13% |
|
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Calculate the monthly payment by table lookup and formula. (Answers will not be exact due to rounding of percents in table lookup.). (Use 13% for table lookup.). (Use the loan amortization table)
Note: Round your answers to the nearest cent.
| Purchase price of a used car | Down payment | Number of monthly payments | Amount financed | Total of monthly payments | Total finance charge | APR |
|---|---|---|---|---|---|---|
| $5,693 | $1,233 | 48 | $4,460 | $5,749.76 | $1,289.76 | 13% |
| Monthly payment | |
| By table | |
| By formula |
TABLE 14.2
Loan amortization table (monthly payment per $1,000 to pay principal and interest on installment loan)
| Terms in months | 7.50% | 8.00% | 8.50% | 9.00% | 10.00% | 10.50% | 11.00% | 11.50% | 12.00% | 12.50% | 13.00% | 13.50% | 14.00% | 14.50% | 15.00% | 15.50% | 16.00% |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 6 | $ 170.34 | $ 170.58 | $ 170.83 | $ 171.20 | $ 171.56 | $ 171.81 | $ 172.05 | $ 172.30 | $ 172.55 | $ 172.80 | $ 173.04 | $ 173.29 | $ 173.54 | $ 173.79 | $ 174.03 | $ 174.28 | $ 174.53 |
| 12 | 86.76 | 86.99 | 87.22 | 87.46 | 87.92 | 88.15 | 88.38 | 88.62 | 88.85 | 89.08 | 89.32 | 89.55 | 89.79 | 90.02 | 90.26 | 90.49 | 90.73 |
| 18 | 58.92 | 59.15 | 59.37 | 59.60 | 60.06 | 60.29 | 60.52 | 60.75 | 60.98 | 61.21 | 61.45 | 61.68 | 61.92 | 62.15 | 62.38 | 62.62 | 62.86 |
| 24 | 45.00 | 45.23 | 45.46 | 45.69 | 46.14 | 46.38 | 46.61 | 46.84 | 47.07 | 47.31 | 47.54 | 47.78 | 48.01 | 48.25 | 48.49 | 48.72 | 48.96 |
| 30 | 36.66 | 36.89 | 37.12 | 37.35 | 37.81 | 38.04 | 38.28 | 38.51 | 38.75 | 38.98 | 39.22 | 39.46 | 39.70 | 39.94 | 40.18 | 40.42 | 40.66 |
| 36 | 31.11 | 31.34 | 31.57 | 31.80 | 32.27 | 32.50 | 32.74 | 32.98 | 33.21 | 33.45 | 33.69 | 33.94 | 34.18 | 34.42 | 34.67 | 34.91 | 35.16 |
| 42 | 27.15 | 27.38 | 27.62 | 27.85 | 28.32 | 28.55 | 28.79 | 29.03 | 29.28 | 29.52 | 29.76 | 30.01 | 30.25 | 30.50 | 30.75 | 31.00 | 31.25 |
| 48 | 24.18 | 24.42 | 24.65 | 24.77 | 25.36 | 25.60 | 25.85 | 26.09 | 26.33 | 26.58 | 26.83 | 27.08 | 27.33 | 27.58 | 27.83 | 28.08 | 28.34 |
| 54 | 21.88 | 22.12 | 22.36 | 22.59 | 23.07 | 23.32 | 23.56 | 23.81 | 24.06 | 24.31 | 24.56 | 24.81 | 25.06 | 25.32 | 25.58 | 25.84 | 26.10 |
| 60 | 20.04 | 20.28 | 20.52 | 20.76 | 21.25 | 21.49 | 21.74 | 21.99 | 22.24 | 22.50 | 22.75 | 23.01 | 23.27 | 23.53 | 23.79 | 24.05 | 24.32 |
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