document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=382625>Question 382625</A>: <I><SPAN STYLE=\"word-break: break-all;\"> ) A small company borrows $50,000 at 11% compounded monthly. The loan is due in 4 years. How much interest will the company pay? Round to the nearest cent. and please explain how you came up with the answer </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #271083 by </B><A HREF=/tutors/aboutme.mpl?userid=mananth><B>mananth(16946)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=mananth><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=mananth><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=271083\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Principal = $50,000=p<BR>\n" );
document.write( "interest rate = 11% = r<BR>\n" );
document.write( "time period = 4 years =n<BR>\n" );
document.write( "compounding term = monthly =q<BR>\n" );
document.write( "...<BR>\n" );
document.write( "A = P(1+[i/q])^nq.\r<BR>\n" );
document.write( "\n" );
document.write( "A=50000*(1+(0.11/12))^4*12<BR>\n" );
document.write( "...<BR>\n" );
document.write( "A=50000*(1+(0.11/12))^48<BR>\n" );
document.write( "A = 77,479.90<BR>\n" );
document.write( "Interest = A-P<BR>\n" );
document.write( "Interest=77,479.90-50,000 = $47,479.90<BR>\n" );
document.write( "...<BR>\n" );
document.write( "m.ananth@hotmail.ca </SPAN>\n" );
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