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Solve the problem using the loan payoff table or an amortization table
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# 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.

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