Troy Juth wants to purchase new dive equipment for Underwater Connection, his retail store in Colorado Springs. He was offered a $66,000 loan at 7.5% 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 ********
Troy Juth wants to purchase new dive equipment for Underwater Connection, his retail store in Colorado Springs. He was offered a $66,000 loan at 7.5% 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 ********
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Troy Juth wants to purchase new dive equipment for Underwater Connection, his retail store in Colorado Springs. He was offered a
$66,000 loan at 7.5% 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
Transcribed Image Text:TABLE 14.2
Loan amortization table (monthly payment per $1,000 to pay principal and interest on installment loan)
Terms in
months
6
12
18
24
30
36
42
48
54
60
7.50%
$ 170.34
86.76
58.92
45.00
36.66
31.11
27.15
24.18
21.88
20.04
8.00%
$ 170.58
86.99
59.15
45.23
36.89
31.34
27.38
24.42
22.12
20.28
8.50%
$ 170.83
87.22
59.37
45.46
37.12
31.57
27.62
24.65
22.36
20.52
9.00%
$ 171.20
87.46
59.60
45.69
37.35
31.80
27.85
24.77
22.59
20.76
10.00%
$ 171.56
87.92
60.06
46.14
37.81
32.27
28.32
25.36
23.07
21.25
10.50%
$ 171.81
88.15
60.29
46.38
38.04
32.50
28.55
25.60
23.32
21.49
11.00%
$ 172.05
88.38
60.52
46.61
38.28
32.74
28.79
25.85
23.56
21.74
11.50%
$ 172.30
88.62
60.75
46.84
38.51
32.98
29.03
26.09
23.81
21.99
12.00%
$ 172.55
88.85
60.98
47.07
38.75
33.21
29.28
26.33
24.06
22.24
12.50%
$ 172.80
89.08
61.21
47.31
38.98
33.45
29.52
26.58
24.31
22.50
13.00%
$ 173.04
89.32
61.45
47.54
39.22
33.69
29.76
26.83
24.56
22.75
13.50%
$ 173.29
89.55
61.68
47.78
39.46
33.94
30.01
27.08
24.81
23.01
14.00%
$ 173.54
89.79
61.92
48.01
39.70
34.18
30.25
27.33
25.06
23.27
14.50%
$ 173.79
90.02
62.15
48.25
39.94
34.42
30.50
27.58
25.32
23.53
15.00%
$174.03
90.26
62.38
48.49
40.18
34.67
30.75
27.83
25.58
23.79
15.50%
$174.28
90.49
62.62
48.72
40.42
34.91
31.00
28.08
25.84
24.05
16.00%
$174.53
90.73
62.86
48.96
40.66
35.16
31.25
28.34
26.10
24.32
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