document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1069015>Question 1069015</A>: <I><SPAN STYLE=\"word-break: break-all;\"> If you buy a computer directly from the manufacturer for $ 3,030 and agree to repay it in 48 equal installments at 1.77 % interest per month on the unpaid&#8203; balance, how much are your monthly&#8203; payments? How much total interest will be&#8203; paid?\r<BR>\n" );
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document.write( "Your monthly payment is &#8203;????<BR>\n" );
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document.write( "&#8203;(Round to two decimal&#8203; places.)\r<BR>\n" );
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document.write( "The total interest paid is &#8203;????<BR>\n" );
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document.write( "&#8203;(Round to two decimal&#8203; places.) </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #684297 by </B><A HREF=/tutors/aboutme.mpl?userid=Theo><B>Theo(13342)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Theo><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=Theo><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=684297\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> the computer costs 3030.<BR>\n" );
document.write( "the payment is at the end of each month for 48 months.<BR>\n" );
document.write( "the interest rate is 1.77 percent interest per month.\r<BR>\n" );
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document.write( "use a financial calculator to solve for this.<BR>\n" );
document.write( "one such calculator can be found here:<BR>\n" );
document.write( "http://arachnoid.com/finance/\r<BR>\n" );
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document.write( "your entries into the calculator are as follows:<BR>\n" );
document.write( "present value = 3030<BR>\n" );
document.write( "future value = 0<BR>\n" );
document.write( "number of time periods = 48<BR>\n" );
document.write( "payment amount = 0 or blank (you will solve for this)<BR>\n" );
document.write( "interest rate percent per time period = 1.77<BR>\n" );
document.write( "payment is at the end of the time period.\r<BR>\n" );
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document.write( "you then select pmt and your answer will be:<BR>\n" );
document.write( "$94.22 due at the end of each month.\r<BR>\n" );
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document.write( "here's a picture of the calculator inputs and result.\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" src = \"http://theo.x10hosting.com/2017/021901.jpg\" alt=\"$$$\" </>\r<BR>\n" );
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document.write( "your nominal interest rate is 12 * 1.77 = 21.24 percent per year.\r<BR>\n" );
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document.write( "your effective interest rate is 1.0177 ^ 12 - 1 = 23.4347 percent per year rounded to 4 decimal places.\r<BR>\n" );
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document.write( "1.0177 ^ 12 means 1.0177 raised to the 12th power.\r<BR>\n" );
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document.write( " </SPAN>\n" );
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