8. DETAILS BRECMBC9 12.111.008. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER You have just been hired as a loan officer at a national bank. Your first assignment is to calculate the amount of the periodic payment (in $) required to amortize (pay off) the following loan being considered by the bank (use Table 12-2). (Round your answer to the nearest cent.) Loan Payment Payment Period Term of Loan (years) Nominal Rate (%) Present Value (Amount of Loan) $ 13 every month 6 $30,000 4 Need Help? Read It TABLE 12-2 Present Value (Amount) of an Ordinary Annuity of $1 Periods 19 Periods 1 2 0.99502 0.99010 1.98510 1.97040 2.97025 2.94099 3.95050 3.90197 4.92587 4.85343 0.98522 1.95588 2.91220 3.85438 2% 0.98039 1.94156 2.88388 3.80773 0.97087 1.91347 2.82861 3.71710 4.57971 5% 0.95238 1.85941 2.72325 3.54595 4.32948 0.96154 1.88609 2.77509 3.62990 4.45182 3 4 0.94340 1.83339 2.67301 3.46511 4.21236 7% 8% 0.93458 0.92593 1.80802 1.78326 2.62432 2.57710 3.38721 3.31213 4.10020 3.99271 1 2 3 5 4.78264 4.71346 s 6 5.69719 5.60143 5.07569 6 7 6.59821 7 5.89638 5.79548 6.86207 6.72819 7.82296 7.65168 8.77906 8.56602 9.73041 9.47130 8 5.24214 6.00205 6.73274 7.43533 5.41719 6.23028 7.01969 7.78611 8.53020 6.47199 7.32548 8.16224 8.98259 7.48593 8.36052 9.22218 8 4.91732 4.76654 5.58238 5.38929 6.20979 5.97130 6.80169 6.51523 7.36009 7.02358 5.78637 6.46321 7.10782 7.72173 4.62288 5.20637 5.74664 6.24689 6.71008 9 10 9 8.11090 10 11 11 7.88687 8.38384 12 12 13 10.67703 10.36763 10.07112 9.78685 9.25262 8.76048 8.30641 11.61893 11.25508 10.90751 10.57534 9.95400 9.38507 8.86325 12.55615 12.13374 11.73153 11.34837 10.63496 9.98565 9.39357 13.48871 13.00370 12.54338 12.10625 11.29607 10.56312 9.89864 14.41662 13.86505 13.34323 12.84926 11.93794 11.11839 10.37966 7.49867 7.13896 7.94269 7.53604 8.35765 7.90378 8.74547 8.24424 9.10791 8.55948 8.85268 9.29498 13 14 15 9.71225 15 16 17 18 19 15.33993 14.71787 14.13126 13.57771 12.56110 11.65230 10.83777 10.10590 9.44665 8.85137 16.25863 15.56225 14.90765 14.29187 13.16612 12.16567 11.27407 10.47726 9.76322 9.12164 17.17277 16.39827 15.67256 14.99203 13.75351 12.65930 11.68959 10.82760 10.05909 9.37189 18.08236 17.22601 16.42617 15.67846 14.32380 13.13394 12.08532 11.15812 10.33560 9.60360 18.98742 18.04555 17.16864 16.35143 14.87747 13.59033 12.46221 11.46992 10.59401 9.81815 16 17 18 19 20 20 21 22 23 24 19.88798 18.85698 17.90014 17.01121 15.41502 14.02916 12.82115 11.76408 10.83553 10.01680 20.78406 19.66038 18.62082 17.65805 15.93692 14.45112 13.16300 12.04158 11.06124 10.20074 21.67568 20.45582 19.33086 18.29220 16.44361 18.29220 16.44361 14.85684 13.48857 12.30338 11.27219 10.37106 22.56287 21.24339 20.03041 18.91393 16.93554 15.24696 13.79864 12.55036 11.46933 10.52876 23.44564 22.02316 20.71961 19.52346 17.41315 15.62208 14.09394 12.78336 11.65358 10.67478 21 22 23 24 25 25 26 26 27 24.32402 22.79520 21.39863 20.12104 17.87684 15.98277 14.37519 13.00317 11.82578 10.80998 25.19803 23.55961 22.06762 20.70690 18.32703 16.32959 14.64303 13.21053 11.98671 10.93516 26.06769 24.31644 22.72672 21.28127 18.76411 16.66306 14.89813 13.40616 12.13711 11.05108 26.93302 25.06579 23.37608 21.84438 19.18845 16.98371 15.14107 13.59072 12.27767 11.15841 27.79405 25.80771 24.01584 22.39646 19.60044 17.29203 15.37245 13.76483 12.40904 11.25778 27 28 28 29 y 29 30 31 31 32 32 33 33 34 28.65080 26.54229 24.64615 22.93770 20.00043 17.58849 15.59281 13.92909 12.53181 11.34980 29.50328 27.26959 25.26714 23.46833 20.38877 17.87355 15.80268 14.08404 12.64656 11.43500 30.35153 27.98969 25.87895 23.98856 20.76579 18.14765 16.00255 14.23023 12.75379 11.51389 31.19555 28.70267 26.48173 24.49859 21.13184 18.41120 16.19290 14.36814 12.85401 11.58693 32.03537 29.40858 27.07559 24.99862 21.48722 18.66461 16.37419 14.49825 12.94767 11.65457 32.87102 30.10751 27.66068 25.48884 21.83225 18.90828 16.54685 14.62099 13.03521 11.71719 34 35 35 36 36 The values in Table 12-2 were generated by the formula (1 + 0 and rounded to five decimal places, where is the interest (1+" - 1 , rate per period and is the total number of periods. (1 + i)" TABLE 12-2 Present Value (Amount) of an Ordinary Annuity of $1 (Continued) 14% 16% Periods 1 Periods 1 2 2 3 4 9% 10% 0.91743 0.90909 1.75911 1.73554 2.53129 2.48685 3.23972 3.16987 3.88965 3.79079 2 119 0.90090 1.71252 2.44371 3.10245 3.69590 12% 13% 0.89286 0.88496 1.69005 1.66810 2.40183 2.36115 3.03735 2.97447 3.60478 3.51723 15% 0.86957 1.62571 2.28323 2.85498 0.87719 1.64666 2.32163 2.91371 0.86207 1.60523 2.24589 2.79818 3.27429 17% 18% 0.85470 0.84746 1.58521 1.56564 2.20958 2.17427 2.74324 2.69006 3.19935 3.12717 3 4. S 5 S 3.43308 3.35216 3.88867 6 7 6 6 7 4.11141 4.56376 4.96764 4.28830 4.48592 4.35526 5.03295 4.86842 5.53482 5.33493 5.99525 5.75902 6.41766 6.14457 4.23054 4.71220 5.14612 5.53705 8 9 3.99755 4.42261 4.79877 5.13166 5.42624 3.78448 4.16042 4.48732 4.77158 3.68474 4.03857 4.34359 4.60654 4.83323 4.63886 4.94637 5.21612 3.58918 3.92238 4.20716 4.45057 4.65860 3.49760 3.81153 4,07757 4.30302 4.49409 5.32825 8 9 10 5.8892 5.65022 5.01877 10 11 12 13 14 6.80519 6.49506 7.16073 6.81369 7.48690 7.10336 7.78615 7.36669 8.06069 7.60608 6.20652 6.49236 6.74987 5.93770 6.19437 6.42355 6.62817 5.68694 5.45273 5.91765 5.66029 6.12181 5.84236 6.30249 6.00207 6.46238 6.14217 5.23371 5.02864 5.42062 5.19711 5.58315 5.34233 5.72448 5.46753 5.84737 5.57546 4.83641 4.988.39 5.11828 5.22930 5.32419 4.65601 4.79322 4.90951 5.00806 5.09158 11 12 13 14 15 6.98187 7.19087 15 6.81086 16 7.37916 6.97399 6.60388 6.26506 5.95423 5.16235 16 5.66850 5.74870 5.40529 5.47461 17 6.37286 6.04716 5.22233 17 18 8.31256 7.82371 8.54363 8.02155 8.75563 8.20141 8.95011 8.36492 9.12855 8.51356 6.46742 6.12797 5.53385 7.54879 7.70162 7.83929 7.96333 7.11963 7.24967 7.36578 7.46944 6.72909 6.83991 6.93797 7.02475 19 18 19 6.55037 6.62313 5.81785 5.87746 5.92884 6.19823 6.25933 5.27316 5.31624 5.35275 5.58449 5.62777 20 20 d = = = = = = = = = 6 7 8 9 8 7 6 7 8 7.56200 6.31246 6.35866 5.97314 6.01133 21 22 23 24 9.29224 8.64869 9.44243 8.77154 9.58021 8.88322 9.70661 8.98474 9.82258 9.07704 8.07507 8.17574 8.26643 8.34814 8.42174 7.10155 6.68696 7.16951 6.74294 7.22966 6.79206 7.28288 6.83514 7.32998 6.87293 7.64465 7.71843 7.78432 7.84314 21 22 23 6.39884 6.43377 6.46415 5.66476 5.69637 5.72340 5.74649 5.76623 6.04425 6.07263 6.09709 5.38368 5.40990 5.43212 5.45095 5.46691 24 25 25 8.48806 6.49056 26 27 28 9.92897 9.16095 10.02658 9.23722 10.11613 9.30657 10.19828 9.36961 10.27365 9.42691 8.54780 8.60162 7.89566 7.94255 7.98442 7.37167 6.90608 7.40856 6.93515 7.44120 6.96066 7.47009 6.98304 7.49565 7.00266 6.51353 6.53351 6.11818 6.13636 6.15204 5.78311 5.79753 5.80985 5.82039 5.82939 5.48043 5.49189 5.50160 5.50983 5.51681 26 27 28 29 30 8.65011 29 30 8.02181 8.05518 6.55088 6.56598 6.16555 6.17720 8.69379 31 32 31 32 33 33 10.34280 9.47901 10.40624 9.52638 10.46444 9.56943 10.51784 9.60857 10.56682 9.64416 10.61176 9.67651 8.73315 8.08499 7.51828 7.01988 6.57911 6.18724 5.83709 5.52272 8.76860 8.11159 7.53830 7.03498 6.59053 6.19590 5.84366 5.52773 8.80054 8.13535 8.13535 7.55602 7.04823 6.60046 6.20336 5.84928 5.53197 8.82932 8.15656 7.57170 7.05985 6.60910 6.20979 5.85409 5.53557 8.85524 8.17550 7.58557 7.07005 6.61661 6.21534 5.85820 5.53862 8.87859 8.19241 7.59785 7.07899 6.62314 6.22012 5.86171 5.54120 34 35 36 35 36 The values in Table 12-2 were generated by the formula 1 + 1)" wd rounded to five decimal places, where is the interest (1 + 1)"! (1 + 1)" rate per period and n is the total number of periods