document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=430008>Question 430008</A>: <I><SPAN STYLE=\"word-break: break-all;\"> A developer needs $80,000 to buy land. He is able to borrow the money at 7% compounded quarterly. How much interest will be paid on the loan if it is paid off in 5 years? (To the nearest dollar, do not include the $)<BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #298696 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=298696\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Principal P =	80000									<BR>\n" );
document.write( "Amount=	A									<BR>\n" );
document.write( "years=n	5									<BR>\n" );
document.write( "compounded	4	times a year								<BR>\n" );
document.write( "Rate =	7.00			0.02						<BR>\n" );
document.write( "Amount =	P*((n+r)/n)^n									<BR>\n" );
document.write( "										<BR>\n" );
document.write( "Amount =80000*(	1+0.02)^5*4<BR>\n" );
document.write( "Amount =80000*(	1+0.02)^20			<BR>\n" );
document.write( "	80000*(1.02)^20					<BR>\n" );
document.write( "Amount =113182.26						<BR>\n" );
document.write( "Interest =113182.26-80000=33,182					<BR>\n" );
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