document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1083134>Question 1083134</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Al thinks he will buy his boat this year. If he can afford a loan of $400 per month and the bank charges 5.1% / a compounded monthly. Al wishes to pay off his boat loan in 4 years. How much could he borrow now?  </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #697127 by </B><A HREF=/tutors/aboutme.mpl?userid=addingup><B>addingup(3677)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=addingup><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=addingup><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=697127\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> 4 years = 48 months<BR>\n" );
document.write( "400 times 48 = 19200 this is how much he can afford to pay in 4 years, with interest.<BR>\n" );
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document.write( "x(1+(0.051/12))^12*4 = 19200<BR>\n" );
document.write( "x(1+0.00425)^48 = 19200<BR>\n" );
document.write( "x(1.226) = 19200<BR>\n" );
document.write( "x = 15,660.69 this is how much boat he can afford to borrow in order to pay back 400/month </SPAN>\n" );
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