document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=567027>Question 567027</A>: <I><SPAN STYLE=\"word-break: break-all;\"> If you borrow $2000 and charged 7.0% interest compounded monthly and pay the principal interest in full after 72 weeks. a. how much money will you owe? b. how much interests will they make off the loan! can you walk me through the problem?  </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #366420 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=366420\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Principal P =	2000									<BR>\n" );
document.write( "Amount=	A									<BR>\n" );
document.write( "years=n	6.00									<BR>\n" );
document.write( "compounded	12	times a year		t						<BR>\n" );
document.write( "Rate =	7.00			0.01						<BR>\n" );
document.write( "Amount =	P*((n+r)/n)^n*t									<BR>\n" );
document.write( "										<BR>\n" );
document.write( "Amount =2000*(1	+0.01)^	6*12<BR>\n" );
document.write( "Amount =2000*(1	+0.01)^72			<BR>\n" );
document.write( "	2000	*(	1.01	)^	72					<BR>\n" );
document.write( "Amount =	3040.21									<BR>\n" );
document.write( "										<BR>\n" );
document.write( "Interest =	3040	-	2000	=	$1,040				 </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );