Use the Table to Estimate the Monthly Payment for the Loan

question 55

Short Answer

Use the table to estimate the monthly payment for the loan. $49,000; 20 years; 7%
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$\text { Monthly Cost to Finance } S 1,000$
$\begin{array}{lcccc} & 5 \text { Years } & 10 \text { Years } & 15 \text { Years } & 20 \text { Years } \\\text { Rate of } & \mathrm{N}=60 & \mathrm{~N}=120 & \mathrm{~N}=180 & \mathrm{~N}=240 \\\text { Interest } & & & & \\6.0 \% & 19.33 & 11.10 & 8.44 & 7.16 \\7.0 \% & 19.80 & 11.61 & 8.99 & 7.75 \\8.0 \% & 20.28 & 12.13 & 9.56 & 8.36 \\9.0 \% & 20.76 & 12.67 & 10.14 & 9.00\end{array}$ $ __________

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Definitions:

Voice Response

Technology or systems that interpret and react to spoken commands, often used in telecommunications and computing.

Transumer

A consumer who values experiences over owning physical products and often engages in the sharing economy.

Transumer

A consumer who prioritizes experiences over owning possessions, often engaging in the sharing economy.

Tangible Goods

Physical items that can be seen, touched, and possessed, such as books, clothing, or cars.