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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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 Time in Amount Financed (P) Percentage Rate (r) Payments per Year (n) Years (t) 6.5% 12 4 $11,000