document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=585415>Question 585415</A>: <I><SPAN STYLE=\"word-break: break-all;\"> PLZZ help!!!!!!!!!!!!!!!!!!!!\r<BR>\n" );
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document.write( "A young couple that recently had their third child decide they need to purchase a new van. They make a down payment of $10,000 and finance the remaining $22,000 to purchase a 2010 Toyota Sienna. They arrange financing with their local financial institution and arrange an annual interest rate of 5.2% compounded monthly. They decide to make monthly payments of $400. What will be the outstanding balance on their loan after 24 months? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #373335 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=373335\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> <font color=black size=3><BR>\n" );
document.write( "L = 22,000 - 10,000 = 12,000 is the loan amount<BR>\n" );
document.write( "i = r/12 = 0.052/12 is the monthly interest rate<BR>\n" );
document.write( "n = 24 is the number of months<BR>\n" );
document.write( "P = 400 is the monthly payment\r<BR>\n" );
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document.write( "B(n) = L*(1+i)^n - P*( (1+i)^n - 1 )/i<BR>\n" );
document.write( "B(24) = 12000*(1+0.052/12)^24 - 400*( (1+0.052/12)^24 - 1 )/(0.052/12)<BR>\n" );
document.write( "B(24) = 3,218.25965151418<BR>\n" );
document.write( "B(24) = 3,218.26\r<BR>\n" );
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document.write( "<b><font color=red size=4>Answer: $3,218.26</font></b>\r<BR>\n" );
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document.write( "More Info about the formula used:<BR>\n" );
document.write( "<a  rel=nofollow HREF=\"http://financeformulas.net/Remaining_Balance_Formula.html\">http://financeformulas.net/Remaining_Balance_Formula.html</a>\r<BR>\n" );
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document.write( "Here is a table of the balances<BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" src = \"https://i.imgur.com/6BC7tmf.png\"><BR>\n" );
document.write( "The idea is that you compute the compound interest first and then the payment is made afterward.<BR>\n" );
document.write( "This process is repeated 24 times to generate the 24 rows.<BR>\n" );
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