document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=581630>Question 581630</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Question #1<BR>\n" );
document.write( "Find the amount of interest and the monthly payment of the loan.  Purchase a car for $42,400 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( "My answers were incorrect Interest: $1746<BR>\n" );
document.write( "Per month: $394.88\r<BR>\n" );
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document.write( "Question #2\r<BR>\n" );
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document.write( "find the ending balance in an account that opens with $3,940, earns 9.5% interest compounded monthly, and is held for 10 years. (round your answer to the nearest cent)\r<BR>\n" );
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document.write( "My answer was incorrect: $10149\r<BR>\n" );
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document.write( " </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #371744 by </B><A HREF=/tutors/aboutme.mpl?userid=jim_thompson5910><B>jim_thompson5910(35256)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=jim_thompson5910><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/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=371744\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> # 1\r<BR>\n" );
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document.write( "The total interest added on is 42400*0.024*5 = 5088 dollars\r<BR>\n" );
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document.write( "So the total amount to pay back is 42400 + 5088 = 47488\r<BR>\n" );
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document.write( "Divide this among 60 months (note: 5 yrs = 12*5 = 60 months) to get\r<BR>\n" );
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document.write( "47488/60 = 791.47\r<BR>\n" );
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document.write( "So the monthly payment is 791.47 dollars.\r<BR>\n" );
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document.write( "# 2\r<BR>\n" );
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document.write( "A = P(1 + r/n)^(nt)\r<BR>\n" );
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document.write( "A = 3940(1 + 0.095/12)^(12*10)\r<BR>\n" );
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document.write( "A = 10149.66\r<BR>\n" );
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document.write( "So your answer was very close, you just forgot the 66 cents. </SPAN>\n" );
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