document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=569365>Question 569365</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Find the amount of interest and the monthly payment for the loan.  Purchase a car for $42,500 at 2.4% add-on rate for 5 years.  (Round your answers to the nearest cent.)\r<BR>\n" );
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document.write( "the correct answer was 5100 for interest<BR>\n" );
document.write( "the correct answer was 793.33 per month\r<BR>\n" );
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document.write( "I had 1751 for interest and 388.73 for monthly payment.  How did they arrive at 5100 and 793.33.  Thanks. </SPAN>\n" );
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document.write( "2.4% add-on means 2.4% added to the total indebtedness for each year of the loan.  <IMG STYLE=\"max-width:80%;\" SRC=\"/cgi-bin/rendertex.cgi?\Large 42500\ \times\ 0.024\ \times\ 5\ =\ 5100\"> which is the total added on interest.  There are 60 months in 5 years, so:\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=\"/cgi-bin/rendertex.cgi?\LARGE \ \ \ \ \ \ \ \ \ \ \frac{42500\ +\ 5100}{60}\ =\ 793.\overline{3}\">\r<BR>\n" );
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document.write( "So $793.33 per month.\r<BR>\n" );
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document.write( "John<BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=\"/cgi-bin/rendertex.cgi?\LARGE e^{i\pi} + 1 = 0\"><BR>\n" );
document.write( "My calculator said it, I believe it, that settles it<BR>\n" );
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