- Number Of Monthly Loans N 6 12 18 24 30 36 48 60 6 0 6 5 7 0 7 5 Annual Percentage Rate Apr For Monthly Payment 1 (165.91 KiB) Viewed 45 times
Number of monthly loans (n) 6 12 18 24 30 36 48 60 6.0% 6.5% 7.0% 7.5% Annual Percentage Rate (APR) for Monthly Payment Loans 4.82 6.37 8.0% 1.76 1.90 2.05 2.20 2.35 2.49 2.64 2.79 2.94 3.08 3.23 3.38 6.91 7.45 3.28 3.56 3.83 4.11 4.39 4.66 4.94 5.22 5.22 5.63 6.04 6.45 8.5% 9.0% 9.5% 10.0% 10.5% 11.0% 11.5% 8.00 8.54 Annual Percentage Rate (APR) (Finance charge per $100 of amount financed) (h) 6.86 9.09 7.28 9.64 7.69 8.10 5.50 7.94 8.61 9.30 9.98 10.66 11.35 12.04 12.74 5.78 10.19 10.75 11.30 6.06 8.52 8.93 9.35 11.86 (c) Find the payoff amount. Payoff amount = (k+1)R − u 13.43 14.13 14.83 9.52 10.34 11.16 11.98 12.81 13.64 14.48 15.32 16.16 17.01 17.86 6.34 12.42 12.0% 12.5% 13.0% 3.53 3.68 3.83 6.62 6.90 7.18 9.77 10.19 10.61 12.98 13.54 14.10 15.54 16.24 16.95 17.66 18.71 19.57 20.43 21.30 12.73 13.83 14.94 16.06 17.18 18.31 19.45 20.59 21.74 22.90 24.06 25.23 26.40 27.58 28.77 16.00 17.40 18.81 20.23 21.66 23.10 24.55 26.01 27.48 28.96 30.45 31.96 33.47 34.99 36.52 (10 pts) 4.) Denise took out a loan to buy a She-Shed for her house. She decides to pay the loan back in full before its due date. If she's paying $165.20 monthly at 11.5% APR and still has 30 remaining scheduled payments after the payoff, find each of the following: (a) Obtain the value of h from the table above. (b) Use the actuarial method to find the amount of unearned interest. u = kR (100+h where k is the number of remaining payments and R is the monthly payment.