document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=86594>Question 86594</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Annuity problems have really been giving me a problem lately and we've been moving through this particular chapter rather quickly. A man buys a house for $95,000. He makes a $15,000 down payment and amortizes the rest of the debt with monthly payments over the next 15 years. The interst rate on the debt is 12%, compound monthly. Find the size of each payment.<BR>\n" );
document.write( "I'm pretty sure I use the An=R[1-(1+i)^n   all divided by i<BR>\n" );
document.write( "R=15,000<BR>\n" );
document.write( "i= .12 or 12% /(12)<BR>\n" );
document.write( "n= 15\r<BR>\n" );
document.write( "\n" );
document.write( "This is what I'm guessing but I'm really not sure. Please help me if you can!!!!!!! </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #62637 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=62637\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> I think I answered this for you.<BR>\n" );
document.write( "Your interpretation of your formula seems incorrect.<BR>\n" );
document.write( "R is not the down payment.<BR>\n" );
document.write( "n is not 15<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H. </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );