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 priceof a used car Downpayment Number ofmonthly payments Amountfinanced Total of monthlypayments Total financecharge APR $5,673 $1,223 48 $ 4,450 $5,729.76 $1,279.76 13%           Monthly Payment By table   By formula

icon
Related questions
Question

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
Down
payment
Number of
monthly payments
Amount
financed
Total of monthly
payments
Total finance
charge
APR
$5,673 $1,223 48 $ 4,450 $5,729.76 $1,279.76 13%
 

 

 
 
  Monthly Payment
By table  
By formula

 

 
 
 
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 3 images

Blurred answer
Follow-up Questions
Read through expert solutions to related follow-up questions below.
Follow-up Question

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
18 58.92 59.15 59.37 59.60 60.06 60.29 60.52 60.75 60.98 61.21 61.45 61.68 61.92 62.15 62.38 62.62 62.86
24 45.00 45.23 45.46 45.69 46.14 46.38 46.61 46.84 47.07 47.31 47.54 47.78 48.01 48.25 48.49 48.72 48.96
30 36.66 36.89 37.12 37.35 37.81 38.04 38.28 38.51 38.75 38.98 39.22 39.46 39.70 39.94 40.18 40.42 40.66
36 31.11 31.34 31.57 31.80 32.27 32.50 32.74 32.98 33.21 33.45 33.69 33.94 34.18 34.42 34.67 34.91 35.16
42 27.15 27.38 27.62 27.85 28.32 28.55 28.79 29.03 29.28 29.52 29.76 30.01 30.25 30.50 30.75 31.00 31.25
48 24.18 24.42 24.65 24.77 25.36 25.60 25.85 26.09 26.33 26.58 26.83 27.08 27.33 27.58 27.83 28.08 28.34
54 21.88 22.12 22.36 22.59 23.07 23.32 23.56 23.81 24.06 24.31 24.56 24.81 25.06 25.32 25.58 25.84 26.10
60 20.04 20.28 20.52 20.76 21.25 21.49 21.74 21.99 22.24 22.50 22.75 23.01 23.27 23.53 23.79 24.05 24.32
Solution
Bartleby Expert
SEE SOLUTION
Knowledge Booster
Effective Annual Rate Of Return
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.