Tom buys a new truck for $48000. He financed the truck for 36 months at an annual interest rate of 12.25%
compounded monthly.
Using this website, what is Tom's monthly payment? $ 1,600.02
After paying 18 payments, Tom decided to repay the loan in full. Using the Actuarial Method and the table
below, determine Tom's pay off amount with payment # 19.
s
Number of Monthly Payments 10.75% APR 11.5% APR
17
18
19
23
24
25
29
30
31
8.25
8.73
9.20
11.10
11.58
12.06
14.00
14.48
14.97
8.84
9.35
9.86
11.90
12.42
12.93
15.01
15.54
16.06
12.25% APR
9.44
9.98
10.52
12.71
13.26
13.81
16.04
16.60
17.16
13% APR
10.03
10.61
11.18
13.51
14.10
14.69
17.07
17.66
18.27