Question : Solve the problem using the loan payoff table or an amortization table : 2139041
Solve the problem using the loan payoff table or an amortization table.
81) A new fax machine cost Miller Ltd. $2,759. They are to pay it off in 18 months at 8% interest. What will each monthly payment be, and how much interest will they pay on the loan?
A) $ 164.44, $ 200.92
B) $ 124.79, $ 512.78
C) $ 126.03, $ 490.46
D) $ 163.17, $ 178.06
82) A real estate company borrowed $305,000 to develop some condos. It amortized the loan to pay monthly for 4 years at 8% interest. Find the amount of each monthly payment.
A) $ 7,445.05
B) $ 7,591.45
C) $ 8,350.90
D) $ 6,743.55
83) If you borrowed $5,738,447.10 at 9% interest paid monthly for 3 years, what is the amount of each payment?
A) $ 179,842.93
B) $ 185,179.69
C) $ 182,482.62
D) $ 159,815.75
84) Marge and Tom Martin bought a new car for $26,500. They agreed to pay 20% down and make monthly payments for 4 years at 10% (compounded monthly) to pay off the rest. Find the amount of each monthly payment.
A) $ 672.11
B) $ 684.06
C) $ 537.63
D) $ 2,142.08
SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question.
Solve the problem.
85) A construction firm pays $ 5,000.00 for a new piece of equipment. It amortizes the loan for the piece of equipment in 4 annual payments at 10% Use the abbreviated amortization table to prepare an amortization schedule for this piece of equipment.
Interest Rate per Period
86) An architecture firm purchases 5 new workstations for $ 4,000.00 each. The firm makes a down payment of $ 8,000.00 and amortizes the balance with monthly loan payments to the bank of 8% for 3 years. Use the abbreviated loan payoff table to prepare an amortization schedule showing the first 5 payments.