Use Table 12-1 to find the annual percentage rate for the loan in Exercise 3.

In exercise 3, the installment price of a Bosch stainless steel refrigerator is $2,199.99 for an 18-month loan. If a $300 down payment has been made, find the installment payment.

Table 12-1

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Annual Percentage Rate Table for Monthly Payment Plans # of Pmts. Annual Percentage Rate (Finance Charge per $100 of Amount Financed) 2.50% 2.00% 2.25% 3.25% 3.50% 3.75% 4.00% 2.75% 3.00% 4.25% S 0.80 $ 1.10 $ 0.58 5 0.66 1.22 $ 0.73 $ 0.88 $ 0.95 S 1.02 $ 1.17 $ 1.24 12 1.09 1.36 1.50 1.63 1.77 1.91 2.04 2.18 2.32 18 1.59 1,79 1.99 2.19 2.39 2.59 2.79 2.99 3.20 3.40 24 2.10 2.36 2.62 2.89 3.15 3.42 3.69 3.95 4.22 4.49 30 2.60 2.93 3.26 3.59 3.92 4.25 4.58 4.92 5.25 5.58 36 3.11 3.51 3.90 4.30 4.69 5.09 5.49 5.89 6.29 6.69 4.08 4.54 5.00 5.47 5.93 6.40 6.86 7.33 7.80 42 3,62 5.19 48 4.14 4.66 5.72 6.24 6.78 7.31 7.84 8.38 8.92 54 4.65 5.24 5.83 6.43 7.03 7.63 8.23 8.83 9.44 10.04 10.50 60 5.17 5.82 6.48 7.15 7.81 8.48 9.15 9.82 11.18 4.50% 5.50% 4.75% 5.00% 5.25% 5.75% 6.00% 6.25% 6.50% 6.75% S 1.39 $ 1.90 $ 1.98 S 1.32 $ 1.46 S 1.54 $ 1.61 $ 1.68 $ 1.76 $ 1.83 12 2.45 2.59 2.73 2.87 3.00 3.14 3.28 3.42 3.56 3.69 18 3.60 3.80 4.00 4.21 4.41 4.61 4.82 5.02 5.22 5.43 4.75 5.02 5.29 5.56 5.83 6.10 6.37 6.64 6.91 7.18 24 8.28 30 5.92 6.25 6.59 6.92 7.26 7.60 7.94 8.61 8.96 7.09 8.30 36 7.49 7.90 8.71 9.11 9.52 9.93 10.34 10.75 10.64 42 8.27 8.74 9.91 9.69 10.16 11.12 11.60 12.08 12.56 48 9.46 10.00 10.54 11.09 11.63 12.18 12.73 13.28 13.83 14.39 14.36 54 10.65 11.26 11.88 12.49 13.11 13.73 14.98 15.61 16.23 17.40 60 11.86 12.54 13.23 13.92 14.61 15.30 16.00 16.70 18.10 7.00% 7.25% 7.50% 7.75% 8.00% 8.25% 8.50% 8.75% 9.00% 9.25% $ 2.20 $ 2.27 $ 2.35 $ 2.42 $ 2.57 $ 2.72 $ 2.64 $ 2.05 $ 2.13 $ 2.49 12 3.83 3.97 4.11 4.25 4.39 4.52 4.66 4.80 4.94 5.08 5.63 6.04 6.86 7.48 18 5.84 6.25 6.45 6.66 7.07 7.28 24 7.45 7.73 8.00 8.27 8.55 8.82 9.09 9.37 9.64 9.92 30 9.30 9.64 9.98 10.32 10.66 11.01 11.35 11.70 12.04 12.39 11.98 13.23 13.64 14.48 36 11.16 11.57 12.40 12.81 14.06 14.90 42 13.52 14.01 14.50 14.98 15.47 15.96 16.45 16.95 17.44 13.04 20.02 48 14.94 15.50 16.06 16.62 17.18 17.75 18.31 18.88 19,45 21.34 54 16.86 17.50 18.13 18.77 19.41 20.05 20.69 21.98 22.63 19.52 20.23 21.66 23.82 60 18.81 20.94 22.38 23.10 24.55 25.28 9.50% 9.75% 10.75% 11.25% 11.50% 11.75% 10.00% 10.25% 10.50% 11.00% $ 2.79 $ 2.94 $ 3.38 $ 2.86 $ 3.01 S 3.08 $ 3.16 $ 3.23 S 3.31 $ 3.45 12 5.22 5.36 5.50 5.64 5.78 5.92 6.06 6.20 6.34 6.48 7.69 7.90 8.10 8.31 8.52 8.73 8.93 9.14 9.35 9.56 18 10.19 10.47 10.75 11.02 11.30 11.86 12.14 12.70 24 11.58 12.42 14.13 14.48 14.83 15.19 15.54 15.89 30 12.74 13.09 13.43 13.78 17.01 17.43 36 15.32 15.74 16.16 16.58 17.86 18.29 18.71 19.14 18.43 19.93 42 17.94 18.93 19.43 20.43 20.93 21.44 21.94 22.45 48 20.59 21.16 21.74 22.32 22.90 23.48 24.06 24.64 25.23 25.81 23.28 25.25 27.90 54 23.94 24.59 25.91 26.57 27.23 28.56 29.23 60 26.01 26.75 27.48 28.22 28.96 29.71 30.45 31.20 31.96 32.71