Before purchasing a used car, Cody Lind checked www.kbb.com to learn what he should offer for the used car he wanted to buy. Then he conducted a carfax.com search on the car he found to see if the car had ever been in an accident. The Carfax was clean so he purchased the used car for $15,150. He put $2,800 down and financed the rest with a 36-month, 7.5% loan. What is his monthly car payment by table lookup? (Use Table 14.2)

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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 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% 13.00% $172.80 $173.04 89.08 89.32 61.45 61.21 47.31 47.54 38.98 39.22 33.45 33.69 29.76 29.52 26.58 24.31 26.83 24.56 22.75 22.50 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 48.72 15.00% 15.50% $174.03 $174.28 90.26 90.49 62.38 62.62 48.49 40.18 34.67 30.75 27.83 25.58 40.42 34.91 31.00 28.08 25.84 23.79 24.05 16.00% $174.53 90.73 62.86 48.96 40.66 35.16 31.25 28.34 26.10 24.32 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% 13.00% $172.80 $173.04 89.08 89.32 61.45 61.21 47.31 47.54 38.98 39.22 33.45 33.69 29.76 29.52 26.58 24.31 26.83 24.56 22.75 22.50 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 48.72 15.00% 15.50% $174.03 $174.28 90.26 90.49 62.38 62.62 48.49 40.18 34.67 30.75 27.83 25.58 40.42 34.91 31.00 28.08 25.84 23.79 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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