document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=995483>Question 995483</A>: <I><SPAN STYLE=\"word-break: break-all;\"> I am using the following formula for the problem but I'm not getting the right answer.  PMT=PV  Interest/1-(1+interest)-n\r<BR>\n" );
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document.write( "Problem: The Castlow family purchases a home for $330,000.  They make a down payment of 20%, and finance the rest with a 30-year fixed mortgage at an annual interest rate of 4.8% compounded monthly. What is the amount of their monthly loan payment?                                                                                                                                                   </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #614249 by </B><A HREF=/tutors/aboutme.mpl?userid=KMST><B>KMST(5328)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=KMST><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=KMST><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=614249\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> The formula you need to use is<BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=PMT=PV%2Ainterest%2F%281-%281%2Binterest%29%5E%28-n%29%29 ALIGN=MIDDLE  ALT=\"PMT=PV%2Ainterest%2F%281-%281%2Binterest%29%5E%28-n%29%29\"   DISABLED_style= \"max-width:90%; height:auto;\" > , where<BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=PMT ALIGN=MIDDLE  ALT=\"PMT\"   DISABLED_style= \"max-width:90%; height:auto;\" >= monthly payment,<BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=PV ALIGN=MIDDLE  ALT=\"PV\"   DISABLED_style= \"max-width:90%; height:auto;\" >= present value of the loan,<BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=n ALIGN=MIDDLE  ALT=\"n\"   DISABLED_style= \"max-width:90%; height:auto;\" >= number of payments, and<BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=interest ALIGN=MIDDLE  ALT=\"interest\"   DISABLED_style= \"max-width:90%; height:auto;\" >= interest rate per pay period (as a decimal) .<BR>\n" );
document.write( "Since they make a down payment of 20%, the loan is<BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=%22100%25%22-%2220%25%22=%2280%25%22=0.8 ALIGN=MIDDLE  ALT=\"%22100%25%22-%2220%25%22=%2280%25%22=0.8\"   DISABLED_style= \"max-width:90%; height:auto;\" > of <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=%22%24330%2C000%22 ALIGN=MIDDLE  ALT=\"%22%24330%2C000%22\"   DISABLED_style= \"max-width:90%; height:auto;\" > , or<BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=PV ALIGN=MIDDLE  ALT=\"PV\"   DISABLED_style= \"max-width:90%; height:auto;\" ><IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=%22=%22 ALIGN=MIDDLE  ALT=\"%22=%22\"   DISABLED_style= \"max-width:90%; height:auto;\" ><IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=%22%24%22 ALIGN=MIDDLE  ALT=\"%22%24%22\"   DISABLED_style= \"max-width:90%; height:auto;\" ><IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=330000%2A0.8 ALIGN=MIDDLE  ALT=\"330000%2A0.8\"   DISABLED_style= \"max-width:90%; height:auto;\" ><IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=%22=%22 ALIGN=MIDDLE  ALT=\"%22=%22\"   DISABLED_style= \"max-width:90%; height:auto;\" ><IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=%22%24%22 ALIGN=MIDDLE  ALT=\"%22%24%22\"   DISABLED_style= \"max-width:90%; height:auto;\" ><IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=264000 ALIGN=MIDDLE  ALT=\"264000\"   DISABLED_style= \"max-width:90%; height:auto;\" ><BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=n=30%2A12=360 ALIGN=MIDDLE  ALT=\"n=30%2A12=360\"   DISABLED_style= \"max-width:90%; height:auto;\" ><BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=interest=%224.8%25%22%2F12=0.048%2F12=0.004 ALIGN=MIDDLE  ALT=\"interest=%224.8%25%22%2F12=0.048%2F12=0.004\"   DISABLED_style= \"max-width:90%; height:auto;\" ><BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=1%2Binterest=1%2B0.004=1.004 ALIGN=MIDDLE  ALT=\"1%2Binterest=1%2B0.004=1.004\"   DISABLED_style= \"max-width:90%; height:auto;\" ><BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=PMT=264000%2A0.004%2F%281-1.004%5E%28-360%29%29=264000%2A0.004%2F%281-0.237609%29=264000%2A0.004%2F0.732391=1358.12 ALIGN=MIDDLE   DISABLED_style= \"max-width:90%; height:auto;\" >(rounded to the nearest 0.01). </SPAN>\n" );
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