Harper is considering the purchase of a $10,705 used car and is trying to decide between a 48-month and a 60-month car loan.

 If the loan is for $10,705 at 5 percent, what is the difference in the monthly payments?

 

Monthly Installment Loan Tables ($1,000 loan with interest payments compounded monthly) Loan Maturity (in months) Interest 4.00% 4.25% 4.50% 4.75% 5.00% 5.25% 5.50% 5.75% 6.00% 6.25% 6.50% 6.75% 7.00% 7.25% 7.50% 168.62 168.74 168.86 168.98 169.11 169.23 169.35 169.47 169.60 169.72 169.84 169.96 170.09 170.21 170.33 12 85.15 85.26 85.38 85.49 85.61 85.72 85.84 85.95 86.07 86.18 86.30 86.41 86.53 86.64 86.76 18 57.33 57.44 57.56 57.67 57.78 57.89 58.01 58.12 58.23 58.34 58.46 58.57 58.68 58.80 58.91 24 43.42 43.54 43.65 43.76 43.87 43.98 44.10 44.21 44.32 44.43 44.55 44.66 44.77 44.89 45.00 30 35.08 35.19 35.31 35.42 35.53 35.64 35.75 35.87 35.98 36.09 36.20 36.32 36.43 36.55 36.66 36 29.52 29.64 29.75 29.86 29.97 30.08 30.20 30.31 30.42 30.54 30.65 30.76 30.88 30.99 31.11 48 22.58 22.69 22.80 22.92 23.03 23.14 23.26 23.37 23.49 23.60 23.71 23.83 23.95 24.06 24.18 60 18.42 18.53 18.64 18.76 18.87 18.99 19.10 19.22 19.33 19.45 19.57 19.68 19.80 19.92 20.04 72 15.65 15.76 15.87 15.99 16.10 16.22 16.34 16.46 16.57 16.69 16.81 16.93 17.05 17.17 17.29