Use Table 12-2 from Your Text to Calculate the Amount

question 110

Short Answer

Use Table 12-2 from your text to calculate the amount of the periodic payment required to amortize (pay off) the loans, rounding to the nearest cent: $$\begin{array} { l l l l l l } \text { Loan } & \text { Payment } & \text { Term of } & \text { Nominal } & \text { Interest } & \text { Present Value } \\\underline{\text { Payment }} & \underline { \text { Period } } & \underline { \text { Loan } } & \underline { \text { Rate } } & \underline { \text { Compounded } } & \underline { \text { (Amount of Loan) } ) } \\& \text { every months } & 2 \frac{1}{2} \text { years } & 18 \% &\text { monthly }& \$ 750\end{array}$$

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Definitions:

Classes

Refers to the categorization of tolerances or grades in manufacturing processes to specify the level of precision required.

United National Coarse

A thread specification for bolts, screws, and nuts that specifies a standard coarse pitch for screw threads, commonly used in the United States.

UNC

Unified National Coarse, a standardized thread designation used in the United States for bolts, screws, and nuts with a coarse thread pitch.

Woodruff Key

A Woodruff key is a semi-circular shaped, removable key that fits into a circular recess in a shaft, allowing it to engage with a corresponding slot in a mating part to prevent relative rotation while permitting axial movement.