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 $5,513 By table By formula Down payment $1,143 Monthly Payment Number of monthly payments 48 Amount financed $4,378 Total of monthly payments $5,569.76 Total finance charge $1,199.76 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) Note: Round your answers to the nearest cent. Purchase price of a used car $5,513 By table By formula Down payment $1,143 Monthly Payment Number of monthly payments 48 Amount financed $4,378 Total of monthly payments $5,569.76 Total finance charge $1,199.76 APR 13%
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
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dog
subject-Accounting
![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
$5,513
By table
By formula
Down payment
$1,143
Monthly Payment
Number of
monthly
payments
48
Amount
financed
$4,378
Total of monthly
payments
$5,569.76
Total finance
charge
$1,199.76
APR
13%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc7fe5a73-45e4-4166-8ba1-50e355550dfc%2Ff2013862-2432-4940-afe9-24b88bea944f%2F0dree9o_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
$5,513
By table
By formula
Down payment
$1,143
Monthly Payment
Number of
monthly
payments
48
Amount
financed
$4,378
Total of monthly
payments
$5,569.76
Total finance
charge
$1,199.76
APR
13%
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