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devildoc devildoc
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A year ago
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  
  Loan4.5%6%7.5%9%10.5%12%
1 month1003.750001005.000001006.250001007.500001008.750001010.00000
2 months502.81425503.75312504.69237505.63200506.57203507.51244
3 months335.83645336.67221337.50865338.34579339.18361340.02211
4 months252.34814253.13279253.91842254.70501255.49257256.28109
5 months202.25561203.00997203.76558204.52242205.28049206.03980
6 months168.86099169.59546170.33143171.06891171.80789172.54837
         
1 year85.3785286.0664386.7574287.4514888.1486088.84879
2 years43.6478144.3206144.9995945.6847446.3760447.07347
3 years29.7469230.4219431.1062231.7997332.5024433.21431
4 years22.8034923.4850324.1789024.8850425.6033826.33384
5 years18.6430219.3328020.0379520.7583621.4939022.24445
10 years10.3638411.1020511.8701812.6675813.4935014.34709
15 years7.649938.438579.2701210.1426711.0539912.00168
20 years6.326497.164318.055938.997269.9838011.01086
25 years5.558326.443017.389918.391969.4418210.53224
30 years5.066855.995516.992158.046239.1473910.28613



Tri-City Financing Corp. amortizes most of the loans that it writes. Use Table 14-1 to compute the monthly payments for the following loans.

a.$2,500 at 10.5% for 4 months ________
b.$4,200 at 4.5% for 5 months ________
c.$125,000 at 7.5% for 5 years ________
Textbook 
Contemporary Business Mathematics for Colleges

Contemporary Business Mathematics for Colleges


Edition: 16th
Authors:
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twnklstrtwnklstr
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devildoc Author
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A year ago
Thank you, thank you, thank you!
jamiebonf99
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I appreciate what you did here, answered it right Smiling Face with Open Mouth
mikeh209
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2 hours ago
Thanks
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