Installment Buying Worksheet Section 11.4 Compute the monthly payment, rounded to the nearest cent, for each of the following purchases. In each case, assume that interest is compounded monthly (12 times per year). Item Amount Financed Interest Rate Finance Time 1. New Car $16, 347 6.2% 5 years 2. Laptop computer $1,263 8% 24 months 3. Used Car $4,200 7.4% 1 year 4. Washer and Dryer $845 12% 12 months 5. New Luxury Automobile $84,000 6% 5 years 6. Big House $250,000 5.8% 30 years 7. Little House $60,000 6.4% 15 years 8. Second Mortgage $40,000 6.26% 10 years Monthly Payment Find each of the following; determine the “missing” number from the given information. Assume the loans are compounded monthly. Item 9. Amount Financed New Car 10. Laptop computer Interest Rate Finance Time Monthly Payment 6.25% 5 years $530 10% 12 months $120 11. Used Car $10,600 6.525% 12. New Washer $634 1 year $55 13. New Car $34,000 5 years $660 Fall 2013 $325
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