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.) 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 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 24.5
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.) 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 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 24.5
Chapter16: Working Capital Policy And Short-term Financing
Section: Chapter Questions
Problem 14P
Related questions
Question
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.)
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 | 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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