Determine the monthly payment for the installment loan. Annual Number of Percentage Payments per Time in Year (n) Years (t) 12 2 Amount Financed (P) Rate (r) 9% $950 Click the icon to view the partial APR table. The monthly payment is $. (Round to the nearest cent as needed.)
Determine the monthly payment for the installment loan. Annual Number of Percentage Payments per Time in Year (n) Years (t) 12 2 Amount Financed (P) Rate (r) 9% $950 Click the icon to view the partial APR table. The monthly payment is $. (Round to the nearest cent as needed.)
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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Transcribed Image Text:Determine the monthly payment for the installment loan.
Number of
Annual
Percentage
Payments per Time in
Year (n)
Years (t)
12
2
Amount
Financed (P) Rate (r)
$950
9%
Click the icon to view the partial APR table.
The monthly payment is $
(Round to the nearest cent as needed.)
▪▪▪
Transcribed Image Text:Finance Rates
Number of
payments
6
12
18
24
30
36
48
60
4.0% 4.5%
2.64
4.94
3.20
5.5% 6.0% 6.5% 7.0% 7.5% 8.0% 8.5%
(Finance charge per $100 of amount financed)
1.17 1.32 1.46 1.61 1.76 1.90 2.05 2.20 2.35 2.49
2.18 2.45 2.73 3.00 3.28
3.56 3.83 4.11 4.39 4.66
3.60 4.00 4.41 4.82
5.22 5.63 6.04 6.45 6.86 7.28
4.22 4.75 5.29 5.83 6.37 6.91 7.45 8.00 8.54
5.25 5.92 6.59 7.26 7.94
8.61
9.30 9.98 10.66 11.35 12.04 12.74 13.43
6.29 7.09 7.90 8.71 9.52 10.34 11.16 11.98 12.81 13.64 14.48 15.32 16.16
8.38 9.46 10.54 11.63 12.73 13.83 14.94 16.06 17.18 18.31 19.45 20.59 21.74
10.50 11.86 13.23 14.61 16.00 17.40 18.81 20.23 21.66 23.10 24.55 26.01 27.48
9.09 9.64 10.19 10.75
Annual Percentage Rate Table for Monthly Payment Plans
Annual Percentage Rate
5.0%
Print
Done
9.0% 9.5% 10.0%
2.79 2.93
5.22
5.50
7.69
8.10
- X
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