document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=64442>Question 64442</A>This question is from textbook <A HREF=http://www.amazon.com/exec/obidos/ASIN/0495012661/algebrahomeworkh>college algebra</A><BR>\n" );
document.write( ": <I><SPAN STYLE=\"word-break: break-all;\"> money questions get me lost....help!\r<BR>\n" );
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document.write( "A 20 year fixed-rate mortgage with an annual interest rate of 8.4% compounded monthly is taken on a $83,000 loan.  What is the monthly payment to the nearest cent?\r<BR>\n" );
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document.write( "thanks for the help! </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #45081 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><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=45081\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> A 20 year fixed-rate mortgage with an annual interest rate of 8.4% compounded monthly is taken on a $83,000 loan. What is the monthly payment to the nearest cent? <BR>\n" );
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document.write( "Formula: S=R[(1+i)^n -1]/i where R is the required montly payment,i=r/12,<BR>\n" );
document.write( "n=number of payments.<BR>\n" );
document.write( "83000*0.007=R[1+.084/12)^(20*12)-1]<BR>\n" );
document.write( "581=R[1.007^(240)-1]<BR>\n" );
document.write( "581=R[5.3342-1]<BR>\n" );
document.write( "581=R[4.3342]<BR>\n" );
document.write( "R=$134.05<BR>\n" );
document.write( "Cheers,<BR>\n" );
document.write( "Stan H. </SPAN>\n" );
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