2. Use the monthly payment table and this table to answer the following questions.
Loan APR Years Monthly Payment Total Payment Interest
$6,700 13.5% 5 A B C
$8,720 12.5% 15 D E F
$20,230 11.5% 20 G H I
Find A.
(Points : 1)
3. Find B. (Points : 1)
4. Find C. (Points : 1)
5. Find D. (Points : 1)
6. Find E. (Points : 1)
7. Find F. (Points : 1)
8. Find G. (Points : 1)
9. Find H. (Points : 1)
10. Find I. (Points : 1)
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To find the values A, B, C, D, E, F, G, H, and I, we need to use the given APR (Annual Percentage Rate), Years, and Loan values.
Let's start with finding A.
We are given the following information:
Loan: $6,700
APR: 13.5%
Years: 5
To find the monthly payment (A), we can use the formula for calculating monthly payments based on loan amount, APR, and years:
Monthly Payment = Loan * (APR/12) / (1 - (1 + APR/12)^(-Years*12))
Plugging in the given values:
Monthly Payment = 6700 * (13.5/12) / (1 - (1 + 13.5/12)^(-5*12))
Now we can use a calculator or a spreadsheet to evaluate this equation and find A, the monthly payment.
Following the same approach, you can calculate B, C, D, E, F, G, H, and I using the respective loan, APR, and years values from the table and the provided formula for monthly payments.