document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1078086>Question 1078086</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Josie has a balance of $16,500 on her student loans.  If she agrees to a 5 year repayment plan with an interest rate of 3.4% compounded monthly,\r<BR>\n" );
document.write( "\n" );
document.write( "what will her monthly payments be?   \r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "how much will she pay over the 5 years? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #692685 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=692685\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> loan balance is 16,500.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "monthly payments at 3.4% annual interest compounded monthly.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "monthly interest rate is 3.4% / 12 = .283333333.....%\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "5 yeears * 12 = 60 month repayment plan.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "end of month payments assumed.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "inputs to online financial calculator are shown below:\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" src = \"http://theo.x10hosting.com/2017/042501.jpg\" alt=\"$$$\" </>\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "outputs from online financial calculator after you click on PMT are shown below:\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" src = \"http://theo.x10hosting.com/2017/042502.jpg\" alt=\"$$$\" </>\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "financial calculator can be found here:\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( "summary of financial formulas can be found here:\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( "formula you are looking for is shown below:\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( "\n" );
document.write( "a = (p*r)/(1-(1/(1+r)^n)) \r<BR>\n" );
document.write( "\n" );
document.write( "a is the annuity.<BR>\n" );
document.write( "p is the present amount.<BR>\n" );
document.write( "r is the interest rate per time period.<BR>\n" );
document.write( "n is the number of time periods. \r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "when using this formula:\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "replace p with 16500<BR>\n" );
document.write( "replace r with 3.4% / 12 / 100% = .00283334<BR>\n" );
document.write( "replace n with 5 * 12= 60\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "formula should look like this:\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "a = (16500*.00283334)/(1-(1/(1+.00283334)^60)) = 299.43\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "calculator uses interest rate percent.<BR>\n" );
document.write( "formula uses interest rate = %/100.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "in the calculator, if present value is shown as positive, then amt will be shown as negative, and vice versa.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "if you are trying to duplicate the formula results, make sure you enter parentheses exactly as shown.\r<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" );