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) (Round your answers to the nearest cent.) Purchase priceof a used carDownpaymentNumber ofmonthly paymentsAmountfinancedTotal of monthlypaymentsTotal financechargeAPR$5,673$1,22348$ 4,450$5,729.76$1,279.7613% Monthly PaymentBy table By formula

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Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter7: Using Consumer Loans

Section: Chapter Questions

Problem 7FPE: Calculating interest and APR of installment loan. Assuming that interest is the only finance charge,...

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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) (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
$5,673	$1,223	48	$ 4,450	$5,729.76	$1,279.76	13%

	Monthly Payment
By table
By formula

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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	Down payment	Number of monthly payments	Amount financed	Total of monthly payments	Total finance charge	APR
$5,693	$1,233	48	$4,460	$5,749.76	$1,289.76	13%

	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	90.73
18	58.92	59.15	59.37	59.60	60.06	60.29	60.52	60.75	60.98	61.21	61.45	61.68	61.92	62.15	62.38	62.62	62.86
24	45.00	45.23	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	48.72	48.96
30	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	40.66
36	31.11	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	24.32

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