Hi, I would like help figuring out the monthly payment by table and by formula i

Question

Hi, I would like help figuring out the monthly payment by table and by formula in the blank spaces below. I have attached the table the problem asks to refer to below.

se 15.5% Calculate the monthly payment by table lookup and formula. Answers will not be exact due to rounding ofpe cents in able o table) (Round your answers to the nearest cent.) rtable co up. e ) n at n Purchase price of a used car $4,375 Number of payment monthly payments financed 60 Total of monthly payments $6,124.00 Total finance charge 1,844.00 Down Amount APR 15.5% $95 $4,280 Monthly Payment By table By formula

Explanation / Answer

By Formula Calculation of the equal instalments Loan Amount          4,280 Monthly Rate of Interest (yearly/12) 1.2917% Months 60 Monthly Mortgage Payment= =(4280*1.2917%*(1+1.2917%)^60)/((1+1.2917%)^60-1)       102.95 By Table every 1000 for 60 month at 15.5%          24.05 Loan Amount          4,280 Divide by loan amount by 1000            4.28 Monthly Instalment 102.93

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