Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

4. Angie French bought a used car for $9000. Angie put down $2000 & financed the balance at 11.5% for 36 months. What is her

image text in transcribedimage text in transcribed

4. Angie French bought a used car for $9000. Angie put down $2000 & financed the balance at 11.5% for 36 months. What is her monthly payment? (Use the at- tached loan amortization table.) Table 14.2 - Loan Amortization Table Monthly payment per $1,000 to pay principal and interest on installment loan) (Partial) Terms in months 6 12 18 24 30 36 42 48 54 60 7.50% 170.34 86.76 58.9 45 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% 171.2 87.46 59.6 45.69 37.35 31.8 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 32.5 28.55 25.6 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% 172.3 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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Finance questions