document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1076757>Question 1076757</A>: <I><SPAN STYLE=\"word-break: break-all;\">  A 42-mounth loan to pay your car has monthly payments of R411.35.if interest rate is 8.1% compounded monthly, find the unpaid balance emmediately after the 24th payment.  </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #691421 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=691421\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> To find the amount of the loan, we need to use the formula P = L[c(1 + c)^n]/[(1 + c)^n - 1], where P is the payment, L is the loan value,c is the monthly interest rate, and n is the number of monthly payments. So, we know:<BR>\n" );
document.write( "411.35=L[((.081/12)(1+(.081/12))^42]/[((1+(.081/12))^42)-1]<BR>\n" );
document.write( "411.35=L(0.02742351273982901235438391550962)<BR>\n" );
document.write( "L=15000<BR>\n" );
document.write( "The next formula is used to calculate the remaining loan balance (B) of a fixed payment loan after p months.<BR>\n" );
document.write( "B = L[(1 + c)^n - (1 + c)^p]/[(1 + c)^n - 1]<BR>\n" );
document.write( "So:<BR>\n" );
document.write( "B=15000[((1+.081/12)^42 - ((1+.081/12)^24))]/[(1+.081/12)^42 -1]<BR>\n" );
document.write( "B=15000[0.17870786510489822337008495708463]/[0.32650474474014464353606497832299]<BR>\n" );
document.write( "B= R 8210.043 as the remaining balance. &#9786;&#9786;&#9786;&#9786; </SPAN>\n" );
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