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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.)

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.)

College Algebra
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter8: Sequences And Series
Section8.4: Mathematics Of Finance
Problem 17E: Mortgage what is the monthly payment on a 30-year mortgage of $100,000 at 8% interest per year,...
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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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