document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=868697>Question 868697</A>: <I><SPAN STYLE=\"word-break: break-all;\"> I am tutoring a student and should probably know how to get this, but so far we have not come up with the correct solution:\r<BR>\n" );
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document.write( "Jose borrows $400 from his brother to fix his car.  His brother doesn't like lending Jose money and so charges him 3% interest per month.  \r<BR>\n" );
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document.write( "Write a rule in the \"y=...\" form that will give the amount of money, y, Jose will owe his brother after n months, assuming that he doesn't make any payments.\r<BR>\n" );
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document.write( "We thought it would be y=$400 x .03n, however, she missed it on the test and has the opportunity to correct it as homework.  Can you assist with the formula we should use please.\r<BR>\n" );
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document.write( "Thank you so much!<BR>\n" );
document.write( "Devona White </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #523779 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=523779\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> I understand the problem as:\r<BR>\n" );
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document.write( "Jose borrows $400 from his brother to fix his car. His brother doesn't like lending Jose money and so charges him 3% interest per month.<BR>\n" );
document.write( "Write a rule in the \"y=...\" form that will give the amount of money, y, Jose will owe his brother after n months, assuming that he doesn't make any payments.\r<BR>\n" );
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document.write( "The answer depends on whether this is simple interest or compound interest.\r<BR>\n" );
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document.write( "If it is simple interest, then the answer will be:\r<BR>\n" );
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document.write( "y = $400 + $400 * .03*n\r<BR>\n" );
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document.write( "It's the same formula you used only you forgot to include the principal that has to be repaid.\r<BR>\n" );
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document.write( "If he is charging you compound interest, then you will be paying interest on the interest that has accrued and you will owe more at the end.\r<BR>\n" );
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document.write( "In the compound interest case, the formula will be y = $400 * (1.03)^n.\r<BR>\n" );
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