document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=858599>Question 858599</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Margo borrows $100, agreeing to pay it back with 6% annual interest after 13 months. How much interest will she pay?\r<BR>\n" );
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document.write( "Round your answer to the nearest cent, if necessary. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #517272 by </B><A HREF=/tutors/aboutme.mpl?userid=JulietG><B>JulietG(1812)</B></A><img src=\"/images/stars/stars-12.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=JulietG><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=JulietG><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=517272\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> 100 * .06 = $6 interest per year<BR>\n" );
document.write( "If it's compounded ANNUALLY, she'll owe $106 at the end of 12 months.<BR>\n" );
document.write( "Since she is contracting to pay it back in 13 months, it will be compounded again at the end of the 13th month.<BR>\n" );
document.write( "$106 * .005 (1/12th of the 6% interest) = .53<BR>\n" );
document.write( "Total to pay back: 106.53<BR>\n" );
document.write( "Amount of interest: 6.53<BR>\n" );
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document.write( "If, however, she is paying it back with interest calculated at the end of the 13 months instead of annually, she'll pay:<BR>\n" );
document.write( "100 * 6.5 (6% interest + <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=1%2F2 ALIGN=MIDDLE  ALT=\"1%2F2\"   DISABLED_style= \"max-width:90%; height:auto;\" >% interest)<BR>\n" );
document.write( "Total to pay back: 106.50<BR>\n" );
document.write( "Amount of interest: 6.50<BR>\n" );
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