document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=958613>Question 958613</A>: <I><SPAN STYLE=\"word-break: break-all;\"> I am given the interest rate (.25), the amortization - yearly (10) and the loan amount ($25,000).  How do I calculate the monthly payment?\r<BR>\n" );
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document.write( "I calculated the effective interest rate by .25/12= .0208.  \r<BR>\n" );
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document.write( "I keep getting $568.03 for my payment but it's supposed to be $241.40.\r<BR>\n" );
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document.write( "The equation I set up was \r<BR>\n" );
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document.write( ".0208 + (.0208/((1.0208^-120) -1) X 25000<BR>\n" );
document.write( "where did I go wrong? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #585906 by </B><A HREF=/tutors/aboutme.mpl?userid=macston><B>macston(5194)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=macston><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=macston><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=585906\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Is the interest rate actually 25%? Using your given numbers, I get the same result you do. With 2.5% I am closer to your given answer, but still about $6 off. Re-read the problem carefully, your method seems correct. </SPAN>\n" );
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