document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=987404>Question 987404</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Joe Levi bought a home in Arlington Texas, for $140,000. He put down 20%  and obtained a mortgage for 30 years at 51/2% What is Joe's monthly payment? What is the total interest cost of the loan? Please work this problem all the way out. Thanks </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #608154 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=608154\">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( "The periodic payment, <IMG STYLE=\"max-width:80%;\" SRC=\"/cgi-bin/rendertex.cgi?\Large PMT\">, on a fully amortized loan with an original principal amount of <IMG STYLE=\"max-width:80%;\" SRC=\"/cgi-bin/rendertex.cgi?\Large P\">, at an annual interest rate of <IMG STYLE=\"max-width:80%;\" SRC=\"/cgi-bin/rendertex.cgi?\Large r\"> expressed as a decimal, where the number of payments per year is <IMG STYLE=\"max-width:80%;\" SRC=\"/cgi-bin/rendertex.cgi?\Large n\">, for a term of <IMG STYLE=\"max-width:80%;\" SRC=\"/cgi-bin/rendertex.cgi?\Large t\"> years is:\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( "Get out your calculator and get to work.  Remember to reduce the purchase price by the down payment amount in order to find the original principal of the loan. Once you have the PMT amount, multiply by the total number of payments, which is the product of the number of payments per year and the number of years.  That will give you total amount repaid.  From this amount, subtract the original principal amount to determine the total interest paid.\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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