Troy Juth wants to purchase new dive equipment for Underwater Connection, his retail store in Colorado Springs. He was offered a $78,000 loan at 8.5% for 60 months. What is his monthly payment by table lookup? (Use Table 14.2) Note: Round your answer to the nearest cent. Monthly payment: 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 2
Troy Juth wants to purchase new dive equipment for Underwater Connection, his retail store in Colorado Springs. He was offered a $78,000 loan at 8.5% for 60 months. What is his monthly payment by table lookup? (Use Table 14.2) Note: Round your answer to the nearest cent. Monthly payment: 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 2
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
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Troy Juth wants to purchase new dive equipment for Underwater Connection, his retail store in Colorado Springs. He was offered a $78,000 loan at 8.5% for 60 months. What is his monthly payment by table lookup? (Use Table 14.2)
Note: Round your answer to the nearest cent.
Monthly payment:
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 |
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