document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=849359>Question 849359</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Find the monthly payment for the loan. (Round your answer to the nearest cent.)<BR>\n" );
document.write( "A $116,000 home bought with a 20% down payment and the balance financed for 30 years at 8.5%<BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #511535 by </B><A HREF=/tutors/aboutme.mpl?userid=Theo><B>Theo(13342)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Theo><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=Theo><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=511535\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> home costs 116,000<BR>\n" );
document.write( "20% down equals 23,200<BR>\n" );
document.write( "subtract 23,200 from 116,000 to get a mortgage of 92,800.<BR>\n" );
document.write( "mortgage of 92,800 for 20 years compounded monthly would require a monthly payment of $713.55 per month rounded to the nearest penny.\r<BR>\n" );
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document.write( "i used a financial calculator to find the result.<BR>\n" );
document.write( "you can, however, reproduce the same result by formula.\r<BR>\n" );
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document.write( "the formula that would be used can be found at the following link:\r<BR>\n" );
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document.write( "<a  rel=nofollow HREF= \"http://www.algebra.com/algebra/homework/Finance/PMTPV.lesson\" target = \"_blank\">http://www.algebra.com/algebra/homework/Finance/PMTPV.lesson</a>\r<BR>\n" );
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document.write( "payments made at the end of the time period are assumed.\r<BR>\n" );
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