Calculate the monthly payment by table lookup and formula. (Answers will not be exact due to rounding of percents in tablelookup.). (Use 13% for table lookup.). (Use the loan amortization table) (Round your answers to the nearest cent.)Purchase priceof a used car$5,673By tableBy formulaDownpayment$1,223Monthly PaymentNumber ofmonthlypayments48Amountfinanced1.4,450Total of monthlypayments$5,729.76Total financecharge$1,279.76APR13%

Introduction The amount you pay each month to repay your loan to the lender is known as the…

Answered: Calculate the monthly payment by table…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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% 8.50% 9% 10.00% 10.50% 11.00% 11.50% 12.00% 6. $170.34 $170.58 $170.83 $171.20 $171.56 $171.81 $172.05 $172.30 $172.55 12 86.76 86.99 87.22 87.46 87.92 88.15 88.38 88.62 88.85 18 58.92 59.15 59.37 59.60 60.06 60.29 60.52 60.75 60.98 24 45.00 45.23 45.46 45.69 46.14 46.38 46.61 46.84 47.07 30 36.66 36.89 37.12 37.35 37.81 38.04 38.28 38.51 38.75 36 31.11 31.34 31.57 31.80 32.27 32.50 32.74 32.98 33.21 42 27.15 27.38 27.62 27.85 28.32 28.55 28.79 29.03 29.28 48 24.18 24.42 24.65 24.77 25.36 25.60 25.85 26.09 26.33 54 21.88 22.12 22.36 22.59 23.07 23.32 23.56 23.81 24.06 60 20.04 20.28 20.52 20.76 21.25 21.49 21.74 21.99 22.24 TABLE 14.2 (concluded) Terms in months 12.50% 13.00% 13.50% 14.00% 14.50% 15.00% 15.50% 16.00% $172.80 $173.04 $173.29 $173.54 $173.79 $174.03 $174.28 $174.53 9. 89.55 89.79 90.02 90.26 90.49 90.73 12 89.08 89.32 61.68 61.92…
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…
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
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 $5,513 By table By formula Down payment $1,143 Monthly Payment Number of monthly payments 48 Amount financed $4,378 Total of monthly payments $5,569.76 Total finance charge $1,199.76 APR 13%
Calculate the monthly payment by table lookup and formula. (Answers will not be exact due to rounding of percents in table lookup.) (Use 15.5% 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 $4,195 $95 60 $ 4,100 $5,944.00 $1,844.00 15.5% Calculate the monthly payment by table lookup and formula. (Answers will not be exact due to rounding of percents in table lookup.) (Use 15.5% for table lookup.) (Use the loan amortization table.) (Round your answers to the nearest cent.) ****TABLE ATTACHED***** Monthly Payment By table: By formula:
es 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 $5,633 Down payment $1,203 Number of monthly payments 48 Amount financed $4,430 Total of monthly payments $5,689.76 Total finance charge $1,259.76 APR 13% Monthly Payment By table By formula
Calculate the monthly payment by table lookup and formula. (Answers will not be exact due to rounding of percents in table lookup.) (Use 15.5% for table lookup.) (Use the loan amortization table.) (Round your answers to the nearest cent.) Number of Purchase price of a used car Down monthly Amount Total of monthly Total finance payment $90 payments financed payments $5,884.00 charge $1,839.00 APR $4,135 60 $4,045 15.5% Monthly Payment By table By formula ace
Use the loan amortization table: Purchase price of a used car $5,533, Down payment $1,153, number of monthly payments 48, Amount financed $4,380, Total of monthly payments $5,589.76, Total finance charge $1,209.76, APR 13%. What is the monthly payment by table? What is the monthly payment by formula?
Calculate the monthly payment by table lookup and formula ( Answers will not be exact due to rounding of percents in table lookup). ( use 15.5% for table lookup) Purchase price of a used car $4,355, Down payment $85, Number of monthly payments 60, Financed amount $4,270, Total of monthly payments $6,104.00, Total fince charge $1,834.00, APR 15.5%. What is the monthly payment by table? What is the monthly payment by formula.
How do I work out this problem? Calculate the monthly payment by table lookup and formula. (Answers will not be exact due to rounding of percents in table lookup.) (Use 15.5% 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 $4,015 $90 60 $3,925 $5,764.00 $1,839.00 15.5%
Calculate the amount financed, the finance charge, and the monthly payments (in $) for the add-on interest loan. (Round your answers to the nearest cent.) Purchase Add-on Monthly Payment Down Amount Number of Finance (Cash) Price Payment Financed Interest Payments Charge $50,100 25% $ 37,575 13.2% 60 $ 24799.5 $ 1040
Complete the following table: (Use Table 15.1.) (Do not round intermediate calculations. Round your answers to the nearest cent.) Selling price Down payment Amount mortgage Rate Years Monthly payment First Payment Broken Down Into— Interest & Principle Balance at end of month $241,000 $48,200 6.00% 15 I need help working these problems out. Please explain in detail.

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