Answered

Use this table to find the interest in problems 5 through 7.

\begin{tabular}{|l|l|l|l|}
\hline \multicolumn{3}{|c|}{Interest per \[tex]$100} \\
\hline Months & $[/tex]11\%[tex]$ APR & $[/tex]13\%[tex]$ APR & $[/tex]15\%[tex]$ APR \\
\hline 3 & 2.75 & 3.25 & 3.75 \\
\hline 6 & 5.50 & 6.50 & 7.50 \\
\hline 9 & 8.25 & 9.75 & 11.25 \\
\hline 12 & 11.00 & 13.00 & 15.00 \\
\hline 15 & 13.75 & 16.25 & 18.75 \\
\hline 18 & 16.50 & 19.50 & 22.50 \\
\hline
\end{tabular}

\begin{tabular}{|l|l|l|l|l|l|}
\hline Loan & APR & \# Months & Interest & Total Payment & \begin{tabular}{l}
Monthly \\
Payment
\end{tabular} \\
\hline 5. \$[/tex]550 & [tex]$13\%$[/tex] & 9 & & & \\
\hline 6. \[tex]$2120 & $[/tex]11\%[tex]$ & 15 & & & \\
\hline 7. \$[/tex]989 & [tex]$15\%$[/tex] & 12 & & & \\
\hline
\end{tabular}



Answer :

GinnyAnswer
To solve the problems given, we need to calculate the interest, total payment, and monthly payment for each loan using the provided interest table. Let's go through each problem step by step.

### Problem 5: Loan [tex]$550, 13% APR, 9 months 1. Find the interest per $[/tex]100:
- From the table, for 9 months at 13% APR, the interest per [tex]$100 is 9.75. 2. Calculate the total interest: - Total interest = (Loan amount / 100) Interest per $[/tex]100
- Total interest = ([tex]$550 / 100) 9.75 = 5.5 * 9.75 = 53.625 3. Calculate the total payment: - Total payment = Loan amount + Total interest - Total payment = $[/tex]550 + 53.625 = 603.625

4. Calculate the monthly payment:
- Monthly payment = Total payment / Number of months
- Monthly payment = 603.625 / 9 ≈ 67.06944444444444

### Problem 6: Loan [tex]$2120, 11% APR, 15 months 1. Find the interest per $[/tex]100:
- From the table, for 15 months at 11% APR, the interest per [tex]$100 is 13.75. 2. Calculate the total interest: - Total interest = (Loan amount / 100) Interest per $[/tex]100
- Total interest = ([tex]$2120 / 100) 13.75 = 21.2 * 13.75 = 291.5 3. Calculate the total payment: - Total payment = Loan amount + Total interest - Total payment = $[/tex]2120 + 291.5 = 2411.5

4. Calculate the monthly payment:
- Monthly payment = Total payment / Number of months
- Monthly payment = 2411.5 / 15 ≈ 160.76666666666668

### Problem 7: Loan [tex]$989, 15% APR, 12 months 1. Find the interest per $[/tex]100:
- From the table, for 12 months at 15% APR, the interest per [tex]$100 is 15.00. 2. Calculate the total interest: - Total interest = (Loan amount / 100) Interest per $[/tex]100
- Total interest = ([tex]$989 / 100) 15.00 = 9.89 * 15.00 = 148.35000000000002 3. Calculate the total payment: - Total payment = Loan amount + Total interest - Total payment = $[/tex]989 + 148.35000000000002 = 1137.35

4. Calculate the monthly payment:
- Monthly payment = Total payment / Number of months
- Monthly payment = 1137.35 / 12 ≈ 94.77916666666665

### Summary

To summarize the results:
Loan 5:
 Total interest: 53.625
Total payment: 603.625
 Monthly payment: 67.06944444444444

Loan 6:
 Total interest: 291.5
Total payment: 2411.5
 Monthly payment: 160.76666666666668

Loan 7:
 Total interest: 148.35000000000002
Total payment: 1137.35
 Monthly payment: 94.77916666666665

These calculations provide a detailed solution to the given loan problems using the given interest table.

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