1. Chapter 7 Installment Loans

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Amortization worksheet (set calculator to 2 decimal places)

Peter Gunderson purchased a used delivery van for $13,759. He put $3,000 down and financed the rest with a 36-month, 7.5% loan. Find Peter's monthly payment.

2 .Chapter 7 Installment Loans

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Amortization worksheet (set calculator to 2 decimal places)

Todd Gunderson bought a motorcycle from his neighbor for $9,000. He paid $400 down and financed the remainder at a4.5% interest rate on the balance. If he makes monthly payments of $200, how many months will it take Todd to pay off the motorcycle? Express your answer as a whole number of months.

3. Chapter 7 Installment Loans

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Amortization worksheet (set calculator to 2 decimal places)

You buy furniture for $700. The retailer finances the entire amount for one year and says you will be charged 9% interest. The retailer uses theadd-on method. Assuming your first monthly payment is due in one month, calculate the real annual rate you will pay.