Determine the monthly payment for the installment loan. Unless told otherwise by your instructor, you may either
Question:
Determine the monthly payment for the installment loan. Unless told otherwise by your instructor, you may either use Table 10.2 or the installment payment formula.
Table 10.2
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Annual Percentage Rate Number of 4.0% 4.5% 5.0% 5.5% 6.0% 6.5% 7.0% 7.5% 8.0% 8,5% 9.0% 9.5% 10.0% payments (Finance charge per $100 of amount financed) 1.17 1.32 1.46 1.61 1.76 1.90 2.05 2.20 2.35 2.49 2.64 2.79 2.93 12 2.18 2.45 2.73 3.00 3.28 3.56 3.83 4.11 4.39 4.66 4.94 5.22 5.50 18 3.20 3.60 4.00 4.41 4.82 5.22 5.63 6.04 6.45 6.86 7,28 7.69 8.10 24 4.22 4.75 5.29 5.83 6.37 6.91 7.45 8.00 8.54 9.09 9.64 10.19 10.75 30 5.25 5.92 6.59 7.26 7.94 8.61 9.30 9.98 10.66 11.35 12.04 12.74 13.43 36 6.29 7.09 7.90 8.71 9.52 10.34 11.16 11.98 12.81 13.64 14.48 15.32 16.16 48 8.38 9.46 10.54 11.63 12.73 13.83 14.94 16.06) 17.18 18.31 19.45 20.59 21.74 60 10.50 11.86 13.23 14.61 16.00 17.40 18.81 20.23 21.66 23.10 24.55 26.01 27.48 Annual Number Amount Percentage Payments Time in Financed (P) Rate (r) per Year (n) Years (1) $15,000 6.5% 12 4
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Related Book For
A Survey Of Mathematics With Applications
ISBN: 9780135740460
11th Edition
Authors: Allen R. Angel, Christine D. Abbott, Dennis Runde
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