document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1029053>Question 1029053</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Find the monthly payment that will yield the future value of $260,000 using an ordinary annuity at 10.5% interest for 42 years. (Round the answer to the nearest cent.)\r<BR>\n" );
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document.write( "I'm having a hard time with problems like this. The answer I keep coming up with is $49.86. I'm looking for a good explanation of how to work this out. Thanks in advance!! </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #644215 by </B><A HREF=/tutors/aboutme.mpl?userid=robertb><B>robertb(5830)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=robertb><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=robertb><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=644215\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> For ordinary annuity, the formula for the future value (or amount A) is \r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=A+=+R%28%28%281%2Br%2Fn%29%5E%28nt%29-1%29%2F%28r%2Fn%29%29 ALIGN=MIDDLE  ALT=\"A+=+R%28%28%281%2Br%2Fn%29%5E%28nt%29-1%29%2F%28r%2Fn%29%29\"   DISABLED_style= \"max-width:90%; height:auto;\" >\r<BR>\n" );
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document.write( "where A = $260,000, r = 0.105, t = 42, and n = 12, and we are solving for the monthly payment R.\r<BR>\n" );
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document.write( "==> <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=260000=+R%28%28%281%2B0.105%2F12%29%5E%2812%2A42%29-1%29%2F%280.105%2F12%29%29 ALIGN=MIDDLE  ALT=\"260000=+R%28%28%281%2B0.105%2F12%29%5E%2812%2A42%29-1%29%2F%280.105%2F12%29%29\"   DISABLED_style= \"max-width:90%; height:auto;\" >\r<BR>\n" );
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document.write( "==> <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=260000=+R%28%28%281.00875%29%5E504-1%29%2F0.00875%29 ALIGN=MIDDLE  ALT=\"260000=+R%28%28%281.00875%29%5E504-1%29%2F0.00875%29\"   DISABLED_style= \"max-width:90%; height:auto;\" >\r<BR>\n" );
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document.write( "==> R = $28.54, the monthly payment.<BR>\n" );
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