document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1075397>Question 1075397</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Justin bought a house for 480 000. He paid a deposit of 150 000 and secured a loan for the outstanding amount. The yearly interest rate on the loan at the stage was 24% compounded monthly, and the term was 20 years. Determine Justin's minimum monthly payment was. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #690075 by </B><A HREF=/tutors/aboutme.mpl?userid=jorel1380><B>jorel1380(3719)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=jorel1380><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=jorel1380><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=690075\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> The house was 480000, and Justin paid a deposit of 150000, leaving a balance of 330000. 20 years x 12 mths/yr=240 payments. So:<BR>\n" );
document.write( "330000 x (1+.24/12)^240=<BR>\n" );
document.write( "330000 x 115.88873515=38243282.60<BR>\n" );
document.write( "38243282.60/240= monthly payments of $159347.01 &#9786;&#9786;&#9786;&#9786; </SPAN>\n" );
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