document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1076884>Question 1076884</A>: <I><SPAN STYLE=\"word-break: break-all;\"> in 1997 justine bought a three bedroom house for R480000.he paid a deposit of R150000 and secured a loan for the outstanding amount.the yearly interest rate on the loan at that stage was 24%,compounded monthly,and the term was 20 years.Determine what justine'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 #691487 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=691487\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> present value = 480,000 - 150,000 = 330,000<BR>\n" );
document.write( "future value = 0<BR>\n" );
document.write( "interest rate per time period = 24% per year / 12 months per year = 2% per month<BR>\n" );
document.write( "number of time periods = 20 years * 12 months per year = 240 months.<BR>\n" );
document.write( "payments are due at the end of each month.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "put these inputs into the following calculator:\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "<a  rel=nofollow HREF= \"https://arachnoid.com/finance/\" target = \"_blank\">https://arachnoid.com/finance/</a>\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "inputs will look like this:\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" src = \"http://theo.x10hosting.com/2017/041703.jpg\" alt=\"$$$\" </>\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "click on pmt:\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "output will look like this:\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" src = \"http://theo.x10hosting.com/2017/041704.jpg\" alt=\"$$$\" </>\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "result is minimum payment of 6,657.45.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "here's a summary of financial formulas plus a reference to the calculator used:\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "<a  rel=nofollow HREF= \"https://www.algebra.com/algebra/homework/Finance/THEO-2016-04-29.lesson#notes\" target = \"_blank\">https://www.algebra.com/algebra/homework/Finance/THEO-2016-04-29.lesson#notes</a>\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "the formula you would use for this problem is:\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "ANNUITY FOR A PRESENT AMOUNT WITH END OF TIME PERIOD PAYMENTS\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "<BR>\n" );
document.write( "<BR>\n" );
document.write( "<BR>\n" );
document.write( "<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( " </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );