document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=401260>Question 401260</A>: <I><SPAN STYLE=\"word-break: break-all;\"> equation for a $15,000 car loan, 36 month, 20% down and installment of $500 a month </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #284069 by </B><A HREF=/tutors/aboutme.mpl?userid=Sarpi><B>Sarpi(32)</B></A><img src=\"/images/stars/stars-07.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Sarpi><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=Sarpi><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=284069\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Principal(P)= $15,000<BR>\n" );
document.write( "Period of payment(n)= 36mths<BR>\n" );
document.write( "Installments(X) = $500<BR>\n" );
document.write( "monthly interest rate(r)= ?\r<BR>\n" );
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document.write( "20% down payment so the principal or balance of the loan will 15,000-(20%*15000) which is $12,000.<BR>\n" );
document.write( "Hence the equation is Present value because you borrow the amount today.<BR>\n" );
document.write( "so <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=PV=+X+%2A+%28%281-%281%2Br%29%5E%28-n%29%29%2Fr%29 ALIGN=MIDDLE  ALT=\"PV=+X+%2A+%28%281-%281%2Br%29%5E%28-n%29%29%2Fr%29\"   DISABLED_style= \"max-width:90%; height:auto;\" ><BR>\n" );
document.write( "where Pv is the principal. Therefore solving for the monthly rate will be;<BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=12000=+500+%2A+%28%281-%281%2Br%29%5E%28-36%29%29%2Fr%29 ALIGN=MIDDLE  ALT=\"12000=+500+%2A+%28%281-%281%2Br%29%5E%28-36%29%29%2Fr%29\"   DISABLED_style= \"max-width:90%; height:auto;\" > </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );