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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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 Number Percentage Payments Rate (r) Annual Amount Financed (P) Time in per Year (n) Years (t) $ 2100 3 9% 12
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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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