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:
Transcribed Image Text:
Number Annual Percentage Rate 4.0% 4.5% 10.0% 6.0% 6.5% of payments 7.5% 5.0% 5.5% 7.0% 8.0% 8.5% 9.0% 9.5% (Finance charge per $100 of amount financed) 1.76 2.20 1.32 1.46 2.35 2.49 4.66 6.86 2.64 2.79 2.93 1.61 3.28 1.17 1.90 2.05 3.83 5.63 5.22 4.94 5.50 2.45 2.73 4.00 3.56 4.11 4.39 3.00 12 2.18 3.20 3.60 4.41 4.82 5.22 6.04 6.45 7.28 18 7.69 8.10 24 30 4.75 5.92 5.29 6.59 5.83 7.26 7.45 10.75 4.22 5.25 8.00 8.54 6.37 9.64 6.91 9.09 10.19 9.98 10.66 11.35 11.98 12.74 9.30 13.43 7.94 9.52 10.34 12.73 13.83 8.61 12.04 36 6.29 7.90 8.71 11.63 14.48 15.32 16.16 21.74 7.09 11.16 12.81 13.64 48 8.38 10.54 19.45 20.59 9.46 11.86 13.23 14.94 16.06 20.23 21.66 23.10 24.55 26.01 18.31 17.18 16.00 17.40 27.48 14.61 10.50 18.81 Annual Number Percentage Payments Rate (r) Time in Amount Financed (P) per Year (n) Years (f) 12 5 $40,000 9.5%
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Related Book For
A Survey of Mathematics with Applications
ISBN: 978-0134112107
10th edition
Authors: Allen R. Angel, Christine D. Abbott, Dennis Runde
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