document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=85842>Question 85842</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Find the monthly payments on a $2400 loan made for 18 months at 12% interest rate?\r<BR>\n" );
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document.write( "Please assist in solution and how to find solution </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #62033 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><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/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=62033\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Find the monthly payments on a $2400 loan made for 18 months at 12% interest rate?<BR>\n" );
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document.write( "Loan Balance = (original amount)(1+i)^n - [P/i][(1+i)^n - 1]<BR>\n" );
document.write( "where i = periodic interest rate; n=# of periods; P = periodic payment<BR>\n" );
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document.write( "You want the loan balance to be zero<BR>\n" );
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document.write( "Your problem:<BR>\n" );
document.write( "i=0.12/18= 0.0067\r<BR>\n" );
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document.write( "0 = 2400(1.0067)^18 - [P/0.0067][1.0067^18 - 1]<BR>\n" );
document.write( "0 = 2706.53 -[P/0.0067][0.1277199]<BR>\n" );
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document.write( "P/0.0067 = 21191.13779<BR>\n" );
document.write( "Monthly Payment = $141.98<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H. </SPAN>\n" );
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