document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=882666>Question 882666</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Hi! Could you please help me with the following question:<BR>\n" );
document.write( "A personal loan of $20,000 is taken out for a period of 5 years, at a simple interest rate of 12% per annum. Find the amount still owing after 1 year, if payments of $100 are made every month of that year. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #533078 by </B><A HREF=/tutors/aboutme.mpl?userid=ankor@dixie-net.com><B>ankor@dixie-net.com(22740)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=ankor@dixie-net.com><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=ankor@dixie-net.com><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=533078\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> A personal loan of $20,000 is taken out for a period of 5 years, at a simple interest rate of 12% per annum. Find the amount still owing after 1 year, if payments of $100 are made every month of that year.<BR>\n" );
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document.write( "At $100 a month you are not even paying the interest, you will actually owe more each month than you owed the month before;<BR>\n" );
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document.write( "The payment on 20k loan for 5 yrs at 12% is $445 a month<BR>\n" );
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document.write( "After one year of paying $100 a month you will owe $21,268 or over $1200 more than when you started the year </SPAN>\n" );
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