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

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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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
$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%
Monthly Payment
By table
By formula
Transcribed Image Text:es 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% Monthly Payment By table By formula
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