Biology Forums - Study Force

Table 14-1

Table 14.1  Amortization Payment Factors per $1,000 Borrowed
				Amount of Monthly Payment per $1,000 Borrowed
		Term of			Annual Interest Rate
		Loan	4.5%	6%	7.5%	9%	10.5%	12%
1		month	1003.75000	1005.00000	1006.25000	1007.50000	1008.75000	1010.00000
2		months	502.81425	503.75312	504.69237	505.63200	506.57203	507.51244
3		months	335.83645	336.67221	337.50865	338.34579	339.18361	340.02211
4		months	252.34814	253.13279	253.91842	254.70501	255.49257	256.28109
5		months	202.25561	203.00997	203.76558	204.52242	205.28049	206.03980
6		months	168.86099	169.59546	170.33143	171.06891	171.80789	172.54837
1		year	85.37852	86.06643	86.75742	87.45148	88.14860	88.84879
2		years	43.64781	44.32061	44.99959	45.68474	46.37604	47.07347
3		years	29.74692	30.42194	31.10622	31.79973	32.50244	33.21431
4		years	22.80349	23.48503	24.17890	24.88504	25.60338	26.33384
5		years	18.64302	19.33280	20.03795	20.75836	21.49390	22.24445
10		years	10.36384	11.10205	11.87018	12.66758	13.49350	14.34709
15		years	7.64993	8.43857	9.27012	10.14267	11.05399	12.00168
20		years	6.32649	7.16431	8.05593	8.99726	9.98380	11.01086
25		years	5.55832	6.44301	7.38991	8.39196	9.44182	10.53224
30		years	5.06685	5.99551	6.99215	8.04623	9.14739	10.28613

After getting a bonus, a raise, and a promotion to senior account executive, Daisy Chu bought a new car. With her old car as a trade-in and her bonus as an additional down payment, Daisy needed to borrow $16,000. Her credit union amortized the loan over four years at 9%. Use Table 14-1 to determine the size of Daisy's monthly payments.

Content hidden