document.write( "Question 1055159: An engineer has just borrowed 8000 from a local bank at the rate of 1% per month on the unpaid balance. His contract states that he must repay the loan in 35 equal monthly installments. How much money must he repay each month? \n" ); document.write( "

Algebra.Com's Answer #670481 by Fombitz(32388) $\"\"$ $\"About$

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Use the monthly payment formula,
\n" ); document.write( " $\"M=%28Pr%281%2Br%29%5En%29%2F%28%281%2Br%29%5En-1%29\"$
\n" ); document.write( " $\"M=%288000%280.01%29%281%2B0.01%29%5E35%29%2F%281%2B0.01%29%5E35-1%29\"$
\n" ); document.write( " $\"M=113.328%2F0.4166\"$
\n" ); document.write( " $\"M=272.03\"$
\n" ); document.write( " \n" ); document.write( "

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