Using the APR table to calculate monthly payment amount.  An appliance sells for $1075.  The store will finance at 11% APR for 24 months.  Calculate the monthly payments if the customer makes a $200 down payment. How much is being financed?  $ 875.00 According to the APR table, what is the cost per hundred for 24 months?  $ 11.86 Therefore, the total payback amount is? (Amount borrowed plus Finance charge)  $ 978.78 So the equal monthly payments will be (Rounded to the nearest cent) ? ___81.57 ___40.78 ___44.79 ___89.58

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Author:Erwin Kreyszig
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Using the APR table to calculate monthly payment amount.  An appliance sells for $1075.  The store will finance at 11% APR for 24 months.  Calculate the monthly payments if the customer makes a $200 down payment.

How much is being financed?  $ 875.00

According to the APR table, what is the cost per hundred for 24 months?  $ 11.86

Therefore, the total payback amount is? (Amount borrowed plus Finance charge)  $ 978.78

So the equal monthly payments will be (Rounded to the nearest cent) ?

___81.57

___40.78

___44.79

___89.58

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