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Pete Frank bought a computer for $4,000. Pete put down $500 and financed the balance at 10 ½% for 36 months. What is his monthly payment? (Use loan amortization table.)

Pete Frank bought a computer for $4,000. Pete put down $500 and financed the balance at 10 ½% for 36 months. What is his monthly payment? (Use loan amortization table.)

Corporate Financial Accounting
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter10: Liabilities: Current, Installment Notes, And Contingencies
Section: Chapter Questions
Problem 10.6BE: Journalizing installment notes On the first day of the fiscal year, a company issues 45,000, 8%,...
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Pete Frank bought a computer for $4,000. Pete put down $500 and financed the balance at 10 ½% for 36 months. What is his monthly payment? (Use loan amortization table.) 

TABLE 14.2 Loan amortization table (monthly payment per $1,000 to pay principal and interest on installment loan) Terms in 8% $170.58 months 7.50% 8.50% 9% 10.00% 10.50% 11.00% 11.50% 12.00% $170.34 $170.83 $171.20 $171.56 $171.81 $172.05 $172.30 $172.55 12 86.76 86.99 87.22 87.46 87.92 88.15 88.38 88.62 88.85 18 58.92 59.15 59.37 59.60 60.06 60.29 60.52 60.75 60.98 24 45.00 45.23 45.46 45.69 46.14 46.38 46.61 46.84 47.07 30 36.66 36.89 37.12 37.35 37.81 38.04 38.28 38.51 38.75 36 31.11 31.34 31.57 31.80 32.27 32.50 32.74 32.98 33.21 42 27.15 27.38 27.62 27.85 28.32 28.55 28.79 29.03 29.28 48 24.18 24.42 24.65 24.77 25.36 25.60 25.85 26.09 26.33 54 21.88 22.12 22.36 22.59 23.07 23.32 23.56 23.81 24.06 60 20.04 20.28 20.52 20.76 21.25 21.49 21.74 21.99 22.24 TABLE 14.2 (concluded) Terms in months 12.50% 13.00% 13.50% 14.00% 14.50% 15.00% 15.50% 16.00% $172.80 $173.04 $173.29 $173.54 $173.79 $174.03 $174.28 $174.53 12 89.08 89.32 89.55 89.79 90.02 90.26 90.49 90.73 18 61.21 61.45 61.68 61.92 62.15 62.38 62.62 62.86 24 47.31 47.54 47.78 48.01 48.25 48.49 48.72 48.96 30 38.98 39.22 39.46 39.70 39.94 40.18 40.42 40.66 36 33.45 33.69 33.94 34.18 34.42 34.67 34.91 35.16 42 29.52 29.76 30.01 30.25 30.50 30.75 31.00 31.25 48 26.58 26.83 27.08 27.33 27.58 27.83 28.08 28.34 54 24.31 24.56 24.81 25.06 25.32 25.58 25.84 26.10 60 22.50 22.75 23.01 23.27 23.53 23.79 24.05 24.32
Transcribed Image Text:TABLE 14.2 Loan amortization table (monthly payment per $1,000 to pay principal and interest on installment loan) Terms in 8% $170.58 months 7.50% 8.50% 9% 10.00% 10.50% 11.00% 11.50% 12.00% $170.34 $170.83 $171.20 $171.56 $171.81 $172.05 $172.30 $172.55 12 86.76 86.99 87.22 87.46 87.92 88.15 88.38 88.62 88.85 18 58.92 59.15 59.37 59.60 60.06 60.29 60.52 60.75 60.98 24 45.00 45.23 45.46 45.69 46.14 46.38 46.61 46.84 47.07 30 36.66 36.89 37.12 37.35 37.81 38.04 38.28 38.51 38.75 36 31.11 31.34 31.57 31.80 32.27 32.50 32.74 32.98 33.21 42 27.15 27.38 27.62 27.85 28.32 28.55 28.79 29.03 29.28 48 24.18 24.42 24.65 24.77 25.36 25.60 25.85 26.09 26.33 54 21.88 22.12 22.36 22.59 23.07 23.32 23.56 23.81 24.06 60 20.04 20.28 20.52 20.76 21.25 21.49 21.74 21.99 22.24 TABLE 14.2 (concluded) Terms in months 12.50% 13.00% 13.50% 14.00% 14.50% 15.00% 15.50% 16.00% $172.80 $173.04 $173.29 $173.54 $173.79 $174.03 $174.28 $174.53 12 89.08 89.32 89.55 89.79 90.02 90.26 90.49 90.73 18 61.21 61.45 61.68 61.92 62.15 62.38 62.62 62.86 24 47.31 47.54 47.78 48.01 48.25 48.49 48.72 48.96 30 38.98 39.22 39.46 39.70 39.94 40.18 40.42 40.66 36 33.45 33.69 33.94 34.18 34.42 34.67 34.91 35.16 42 29.52 29.76 30.01 30.25 30.50 30.75 31.00 31.25 48 26.58 26.83 27.08 27.33 27.58 27.83 28.08 28.34 54 24.31 24.56 24.81 25.06 25.32 25.58 25.84 26.10 60 22.50 22.75 23.01 23.27 23.53 23.79 24.05 24.32
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