document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1053646>Question 1053646</A>: <I><SPAN STYLE=\"word-break: break-all;\"> if you were borrow $8300 over five years at .12 compounded monthly, what would be your monthly payment? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #668951 by </B><A HREF=/tutors/aboutme.mpl?userid=Boreal><B>Boreal(15235)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Boreal><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=Boreal><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=668951\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> The formula is monthly payment= rPV divided by (1-(1+r)^(-n)), where r is the monthly (here) rate PV the loan amount, and n the number of compounding periods.<BR>\n" );
document.write( "P=(.12/12)(8300)/(1-(1+0.01)^(-60))<BR>\n" );
document.write( "P=83/(1-0.550)<BR>\n" );
document.write( "P=83/0.4496.<BR>\n" );
document.write( "Without rounding until the end, the payment is $184.63<BR>\n" );
document.write( "--------------------------- </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );