Calculate 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. Purchase price of a used car $5,633 Down payment $1,203 Number of monthly payments 48 Amount financed $4,430 Total of monthly payments $5,689.76 Total finance charge $1,259.76 APR 13% By table By formula Monthly Payment
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- Calculating interest and APR of installment loan. Assuming that interest is the only finance charge, how much interest would be paid on a 5,000 installment loan to be repaid in 36 monthly installments of 166.10? What is the APR on this loan?How do I work out this problem? Calculate the monthly payment by table lookup and formula. (Answers will not be exact due to rounding of percents in table lookup.) (Use 15.5% for table lookup.) (Use the loan amortization table.) (Round your answers to the nearest cent.) Purchase priceof a used car Downpayment Number ofmonthly payments Amountfinanced Total of monthlypayments Total financecharge APR $4,015 $90 60 $3,925 $5,764.00 $1,839.00 15.5%Calculate the monthly payment by table lookup and formula. (Answers will not be exact due to rounding of percents in table lookup.) (Use 15.5% for table lookup.) (Use the loan amortization table.) (Round your answers to the nearest cent.) Purchase priceof a used car Downpayment Number ofmonthly payments Amountfinanced Total of monthlypayments Total financecharge APR $4,195 $95 60 $ 4,100 $5,944.00 $1,844.00 15.5% Calculate the monthly payment by table lookup and formula. (Answers will not be exact due to rounding of percents in table lookup.) (Use 15.5% for table lookup.) (Use the loan amortization table.) (Round your answers to the nearest cent.) ****TABLE ATTACHED***** Monthly Payment By table: By formula:
- Calculate the monthly payment by table lookup and formula. (Answers will not be exact due to rounding of percents in table lookup.) (Use 15.5% for table lookup.) (Use the loan amortization table.) (Round your answers to the nearest cent.) Purchase priceof a used car Downpayment Number ofmonthly payments Amountfinanced Total of monthlypayments Total financecharge APR $4,195 $95 60 $ 4,100 $5,944.00 $1,844.00 15.5% Monthly Payment By table By formulaCalculate the monthly payment by table lookup and formula. (Answers will not be exact due to rounding of percents in table lookup.) (Use 15.5% for table lookup.) (Use the loan amortization table.) Note: Round your answers to the nearest cent. Purchase price of a used car Down payment Number of monthly payments Amount financed Total of monthly payments Total finance charge APR $4,255 $95 60 $4,160 $6,004.00 $1,844.00 15.5% Monthly payment by table by formula 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% 12.50% 13.00% 13.50% 14.00% 14.50% 15.00% 15.50% 16.00% 6 $ 170.34 $ 170.58 $ 170.83 $ 171.20 $ 171.56 $ 171.81 $ 172.05 $ 172.30 $ 172.55 $ 172.80 $ 173.04 $ 173.29 $ 173.54 $ 173.79 $ 174.03 $ 174.28 $ 174.53 12 86.76 86.99 87.22 87.46 87.92 88.15 88.38 88.62 88.85 89.08 89.32 89.55 89.79 90.02 90.26 90.49…Assume you take out a car loan of $8,600 that calls for 48 monthly payments of $300 each. a. What is the APR of the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Use a financial calculator or Excel.) b. What is the effective annual interest rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)
- lender requires PMI that is 0.7% of the loan amount of $560,000. How much (in dollars) will this add to the borrower's monthly payment? (See Example 4 in this section. Enter a number. Round your answer to the nearest cent.)Note: Round all answers to the nearest cent when necessary. Calculate the amount financed, the finance charge, and the total deferred payment price (in $) for the following installment loan. Purchase(Cash)Price DownPayment AmountFinanced MonthlyPayment Number ofPayments FinanceCharge TotalDeferredPaymentPrice $2,600 0 $2600 $189.69 18 $814.42 $ ??In a discount interest loan, you pay the interest payment up front. For example, if a 1-year loan is stated as $42,000 and the interest rate is 8.50%, the borrower “pays” 0.0850 × $42,000 = $3,570 immediately, thereby receiving net funds of $38,430 and repaying $42,000 in a year. a. What is the effective interest rate on this loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.) b. What is the effective annual rate on a 1-year loan with an interest rate quoted on a discount basis of 18.50%? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)
- A lender requires PMI that is 0.8% of the loan amount of $460,000. How much (in dollars) will this add to the borrower's monthly payments? (Enter a number. Round your answer to the nearest cent.)Use an amortization table to solve the problem. Round to the nearest cent. A 7000 debt is to be amortized in 15 equal payments of 504.87 at 1% interest per month on the unpaid balance. What is the unpaid balance after the second payment? Show your table belove include columns for each of the following Loan Balance Payment Interest amount amount principle decrease new balanceA car dealer carries out the following calculations. What is the annual percentage rate? Lis price: $5,227.00 , Options: $1,625.00, Destination charges: $200.00 , Subtotal: $7,052.00, Tax: $431.58 Less trade in: $2,932.00, Amount to be financed: $4,691.03, 10% interest for 48 months: $1,501.63, Total: $6,192.66, Monthly payment: $129.00 Please round your answer to one decimal place(tenth place). Enter only the number without % sign.