Question: Answers must be rounded to the nearest hundredth. Robert & Julie Brown are struggling to make their monthly payments. They have accumulated too much debt,

Answers must be rounded to the nearest hundredth.

Robert & Julie Brown are struggling to make their monthly payments. They have accumulated too much debt, which was easy to do with two young kids at home. Julie works 30 hours a week and takes care of the kids after day care. Their credit history was poor, resulting in high interest rates on loans. However, a few months ago, Robert added a second job, and they have been making payments regularly for 5 months.

1. Find the monthly payments on each of the following purchases and the total monthly payment.

Purchase Original Loan Amount Interest Rate Term of Loan Monthly Payment

Honda Accord $18,800 12% 4 yrs. ________________

Ford truck $14,300 18% 4 yrs. ________________

Home $126,000 6.5% 15 yrs. ________________

Equity Loan $4,500 12% 3 yrs. ________________

---Total = __________________

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