Calculate the monthly payment by table lookup and formula. (Answers will not be exact due to rounding of percents in tablelookup.). (Use 13% for table lookup.). (Use the loan amortization table)Note: Round your answers to the nearest cent.Purchase price ofa used car$5,513By tableBy formulaDown payment$1,143Monthly PaymentNumber ofmonthlypayments48Amountfinanced$4,378Total of monthlypayments$5,569.76Total financecharge$1,199.76APR13%

When the lender lends a loan to the borrower, he charges a rate of interest on the borrowed amount.…

Answered: Calculate the monthly payment by table…

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

Problem 1PS

See similar textbooks

Similar questions

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…
dog subject-Accounting
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% 8.50% 9% 10.00% 10.50% 11.00% 11.50% 12.00% 6. $170.34 $170.58 $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 9. 89.55 89.79 90.02 90.26 90.49 90.73 12 89.08 89.32 61.68 61.92…
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
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 $5,673 By table By formula Down payment $1,223 Monthly Payment Number of monthly payments 48 Amount financed 1.4,450 Total of monthly payments $5,729.76 Total finance charge $1,279.76 APR 13%
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.) Number of Purchase price of a used car $5,833 Down monthly Amount Total of monthly Total finance payment $1,303 financed payments $5,889.76 charge $1,359.76 payments APR 48 $4,530 13% Monthly Payment By table By formula
Accounting
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.) Number of Purchase price of a used car Down monthly Amount Total of monthly Total finance payment $90 payments financed payments $5,884.00 charge $1,839.00 APR $4,135 60 $4,045 15.5% Monthly Payment By table By formula ace
Use the loan amortization table: Purchase price of a used car $5,533, Down payment $1,153, number of monthly payments 48, Amount financed $4,380, Total of monthly payments $5,589.76, Total finance charge $1,209.76, APR 13%. What is the monthly payment by table? What is the monthly payment by formula?
Find the following. (Round your answers to the nearest cent.) FinanceCharge Number ofPayments Frequency Amount Number ofPayments Left $9.10 12 Monthly $15 5 (b) the amount needed to pay off the loan
Calculate the amount financed, the finance charge, and the monthly payments (in $) for the add-on interest loan. (Round your answers to the nearest cent.) Purchase Add-on Number of Finance Monthly Payment Down Amount (Cash) Price Payment Financed Interest Payments Charge 145% $2,000 15% 24 1,700 30 $ 616.30 $ 77.21
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) Purchase price of a used car $4,355, Down payment $85, Number of monthly payments 60, Financed amount $4,270, Total of monthly payments $6,104.00, Total fince charge $1,834.00, APR 15.5%. What is the monthly payment by table? What is the monthly payment by formula.

SEE MORE QUESTIONS

Recommended textbooks for you

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS