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) 4.5% $700 Click the icon to view the partial APR table. The monthly payment is $. (Round to the nearest cent as needed.)

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Related questions
Question
Finance Rates
Number of
payments
6
12
18
24
30
36
48
60
Annual Percentage Rate Table for Monthly Payment Plans
Annual Percentage Rate
4.0% 4.5% 5.0%
2.64
2.79
2.18
4.94 5.22
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
2.45
3.28
3.56
3.83
4.11
4.39 4.66
3.20 3.60
4.82 5.22 5.63 6.04 6.45 6.86 7.28 7.69
5.29 5.83 6.37 6.91 7.45 8.00 8.54 9.09 9.64 10.19 10.75
5.92 6.59 7.26 7.94 8.61 9.30 9.98 10.66 11.35 12.04 12.74 13.43
7.09 7.90 8.71 9.52 10.34 11.16 11.98 12.81 13.64 14.48 15.32 16.16
2.73 3.00
4.00 4.41
4.22
4.75
5.25
6.29
8.38 9.46 10.54 11.63 12.73
10.50 11.86 13.23 14.61
13.83 14.94 16.06 17.18 18.31 19.45 20.59 21.74
16.00 17.40 18.81 20.23 21.66 23.10 24.55 26.01 27.48
Print
Done
9.0%
9.5% 10.0%
2.93
5.50
8.10
Transcribed Image Text:Finance Rates Number of payments 6 12 18 24 30 36 48 60 Annual Percentage Rate Table for Monthly Payment Plans Annual Percentage Rate 4.0% 4.5% 5.0% 2.64 2.79 2.18 4.94 5.22 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 2.45 3.28 3.56 3.83 4.11 4.39 4.66 3.20 3.60 4.82 5.22 5.63 6.04 6.45 6.86 7.28 7.69 5.29 5.83 6.37 6.91 7.45 8.00 8.54 9.09 9.64 10.19 10.75 5.92 6.59 7.26 7.94 8.61 9.30 9.98 10.66 11.35 12.04 12.74 13.43 7.09 7.90 8.71 9.52 10.34 11.16 11.98 12.81 13.64 14.48 15.32 16.16 2.73 3.00 4.00 4.41 4.22 4.75 5.25 6.29 8.38 9.46 10.54 11.63 12.73 10.50 11.86 13.23 14.61 13.83 14.94 16.06 17.18 18.31 19.45 20.59 21.74 16.00 17.40 18.81 20.23 21.66 23.10 24.55 26.01 27.48 Print Done 9.0% 9.5% 10.0% 2.93 5.50 8.10
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)
$700
4.5%
Click the icon to view the partial APR table.
The monthly payment is $
(Round to the nearest cent as needed.)
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) $700 4.5% Click the icon to view the partial APR table. The monthly payment is $ (Round to the nearest cent as needed.)
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