Robert & Julie Brown are struggling to make their monthly payments. They have accumulated too much debt, which was easy to do with two young kids at home. Julie works 30 hours a week and takes care of the kids after day care. Their credit history was poor, resulting in high interest rates on loans. However, a few months ago, Robert added a second job, and they have been making payments regularly for 5 months.

1.Find the monthly payments on each of the following purchases and the total monthly payment.

Purchase

Original Loan

Amount

Interest

Rate

Term of

Loan

Monthly

Payment

Honda Accord

$18,800

12%

4 yrs.

________________

Ford truck

$14,300

18%

4 yrs.

________________

Home

$126,000

6.5%

15 yrs.

________________

Equity Loan

$4,500

12%

3 yrs.

________________

Total