document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=918262>Question 918262</A>: <I><SPAN STYLE=\"word-break: break-all;\"> What formula should I go by to finance $25,000 at 7.5 (compounded monthly for 6 years. 30 year fixed rate at 4.000% or 15 year fixed rate at 3.250% Bank of America\r<BR>\n" );
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document.write( "Or 30 year fixed rate at 4.125% OR 15 YEAR FIXED RATE AT 3.375% AT First Citizens. Could you help me? Also, work it out for me, please. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #557003 by </B><A HREF=/tutors/aboutme.mpl?userid=solver91311><B>solver91311(24713)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=solver91311><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=solver91311><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=557003\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> <font face=\"Times New Roman\" size=\"+2\">\r<BR>\n" );
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document.write( "All of them use the same formula:\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=\"/cgi-bin/rendertex.cgi?\LARGE \ \ \ \ \ \ \ \ \ \ A\ =\ P\left(1\ +\ \frac{r}{n}\right)^{nt}\">\r<BR>\n" );
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document.write( "Where <IMG STYLE=\"max-width:80%;\" SRC=\"/cgi-bin/rendertex.cgi?\Large A\"> is the future amount, <IMG STYLE=\"max-width:80%;\" SRC=\"/cgi-bin/rendertex.cgi?\Large P\"> is the original principal, <IMG STYLE=\"max-width:80%;\" SRC=\"/cgi-bin/rendertex.cgi?\Large r\"> is the annual interest rate as a decimal, <IMG STYLE=\"max-width:80%;\" SRC=\"/cgi-bin/rendertex.cgi?\Large n\"> is the number of compounding periods per year, and <IMG STYLE=\"max-width:80%;\" SRC=\"/cgi-bin/rendertex.cgi?\Large t\"> is the number of years in the loan term.\r<BR>\n" );
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document.write( "To calculate the payment amount, divide <IMG STYLE=\"max-width:80%;\" SRC=\"/cgi-bin/rendertex.cgi?\Large A\">, as calculated above, by the number of payments in the term of the loan.  Alternatively, you can calculate the monthly payment directly using:\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=\"/cgi-bin/rendertex.cgi?\LARGE \ \ \ \ \ \ \ \ \ \ PMT =\ P\left(\frac{\frac{r}{n}\left(1+\frac{r}{n}\right)^{nt}}{\left(1+\frac{r}{n}\right)^{nt}\ -\ 1}\right)\">\r<BR>\n" );
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document.write( "Where <IMG STYLE=\"max-width:80%;\" SRC=\"/cgi-bin/rendertex.cgi?\Large P\"> is the original principal, <IMG STYLE=\"max-width:80%;\" SRC=\"/cgi-bin/rendertex.cgi?\Large r\"> is the annual interest rate as a decimal, <IMG STYLE=\"max-width:80%;\" SRC=\"/cgi-bin/rendertex.cgi?\Large n\"> is the number of compounding periods per year, and <IMG STYLE=\"max-width:80%;\" SRC=\"/cgi-bin/rendertex.cgi?\Large t\"> is the number of years in the loan term.\r<BR>\n" );
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document.write( "You can do your own arithmetic.\r<BR>\n" );
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document.write( "John<BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=\"/cgi-bin/rendertex.cgi?\LARGE e^{i\pi}\ +\ 1\ =\ 0\"><BR>\n" );
document.write( "My calculator said it, I believe it, that settles it\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=\"/cgi-bin/rendertex.cgi?\Large \ \\r\"> </SPAN>\n" );
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