document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1075379>Question 1075379</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Lou purchases a home for $575,000. He makes a down payment of 15% and<BR>\n" );
document.write( "finances the remaining amount with a 30-year mortgage with an annual<BR>\n" );
document.write( "percentage rate of 5.25%. Find his monthly mortgage payment. How much<BR>\n" );
document.write( "principal and interest will he end up paying for his house? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #690061 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=690061\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> mortgage is 85% of 575000=488,750<BR>\n" );
document.write( "M=488750(1+(.0525/12))^360*(0.0525/12) divided by (1+(0.0525/12)^360-1<BR>\n" );
document.write( "don't round until the end<BR>\n" );
document.write( "the denominator is 3.814<BR>\n" );
document.write( "The monthly payment is $2698.90.<BR>\n" );
document.write( "over 360 months (now round to nearest cent), the payments amount to $971602.41.<BR>\n" );
document.write( "$488750 is principal<BR>\n" );
document.write( "$482852.41 is interest </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );