TABLE 14.2 Loan amortization table (monthly payment per $1,000 to pay principal and interest on installment loan) Terms in months 7.50% 8.00% 8.50% 9.00% 10.00% 10.50% 11.00% 11.50% 12.00% $ 170.34 12.50% 13.00% 13.50% 14.00% $ 170.58 14.50% 15.00% 15.50% 6 $ 170.83 $ 171.20 16.00% $ 171.56 $ 171.81 $ 172.05 $ 172.30 $ 172.55 $ 172.80 $ 173.04 $ 173.29 $ 173.54 12 $ 173.79 $ 174.03 86.76 86.99 $ 174.28 87.22 $ 174.53 87.46 87.92 88.15 88.38 88.62 88.85 89.08 89.32 89.55 89.79 90.02 18 58.92 90.26 90.49 59.15 59.37 90.73 59.60 60.06 60.29 60.52 60.75 60.98 61.21 61.45 61.68 61.92 24 62.15 62.38 52.62 45.00 45.23 62.86 45.46 45.69 46.14 46.38 46.61 46.84 47.07 47.31 47.54 47.78 48.01 48.25 48.49 30 48.72 48.96 36.66 36.89 37.12 37.35 37.81 38.04 38.28 38.51 38.75 38.98 39.22 39.46 39.70 39.94 40.18 40.42 31.11 40.66 36 31.34 31.57 31.80 32.27 32.50 32.74 32.98 33.21 33.45 33.69 33.94 34.18 34.42 34.67 34.91 35.16 42 27.15 27.38 27.62 27.85 28.32 28.55 28.79 29.03 29.28 29.52 29.76 30.01 30.25 30.50 30.75 31.00 31.25 48 24.18 24.42 24.65 24.77 25.36 25.60 25.85 26.09 26.33 26.58 26.83 27.08 27.33 27.58 27.83 28.08 28.34 54 21.88 22.12 22.36 22.59 23.07 23.32 23.56 23.81 24.06 24.31 24.56 24.81 25.06 25.32 25.58 25.84 26.10 60 20.04 20.28 20.52 20.76 21.25 21.49 21.74 21.99 22.24 22.50 22.75 23.01 23.27 23.53 23.79 24.05 24.32Calculate the monthly payment by table lookup and formula. (Answers will not be exact due to rounding of percents in table lookup.). (Use 13% for table lookup.). (Use the loan amortization table) Note: Round your answers to the nearest cent. Number of Purchase price of a monthly Amount Total of monthly Total finance used car Down payment payments financed payments charge APR $5, 693 $1, 233 48 $4, 460 $5, 749. 76 $1, 289. 76 13% Monthly Payment By table By formula