Use the loan amortization table: Purchase price of a used car $5,533, Down payment $1,153, number of monthly payments 48, Amount financed $4,380, Total of monthly payments $5,589.76, Total finance charge $1,209.76, APR 13%. What is the monthly payment by table? What is the monthly payment by formula?

Use the loan amortization table: Purchase price of a used car $5,533, Down payment $1,153, number of monthly payments 48, Amount financed $4,380, Total of monthly payments $5,589.76, Total finance charge $1,209.76, APR 13%. What is the monthly payment by table? What is the monthly payment by formula?

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 7FPE: Calculating interest and APR of installment loan. Assuming that interest is the only finance charge,...

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