document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1083909>Question 1083909</A>: <I><SPAN STYLE=\"word-break: break-all;\"> A car costs $25,000 plus $675 for tax, title, and license fees. Ari finances the car by putting down $2,500 in cash and taking out a 3-year, 4% loan. What will his monthly payments be (if figured across all 3 years rather than annually)? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #698001 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=698001\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> the car costs 25,000\r<BR>\n" );
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document.write( "tax, title and license fees are 675.\r<BR>\n" );
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document.write( "the total cost for the car is therefore 25,675.\r<BR>\n" );
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document.write( "he puts 2,500 down and finances the rest.\r<BR>\n" );
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document.write( "presumably this includes the tax, title and license fees as well.\r<BR>\n" );
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document.write( "therefore, he finances 25,675 minus 2,500 = 23,175.\r<BR>\n" );
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document.write( "the interest rate on the loan is compounded monthly.\r<BR>\n" );
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document.write( "this means the interest rate per month is 4/12 percent = .3333.... percent per month.\r<BR>\n" );
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document.write( "you can use an online time value of money calculator to find the monthly payment.\r<BR>\n" );
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document.write( "one such calculator can be found here:\r<BR>\n" );
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document.write( "<a  rel=nofollow HREF= \"https://arachnoid.com/finance/\" target = \"_blank\">https://arachnoid.com/finance/</a>\r<BR>\n" );
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document.write( "your inputs would look like this:\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" src = \"http://theo.x10hosting.com/2017/060602.jpg\" alt=\"$$$\" </>\r<BR>\n" );
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document.write( "your outputs would  look like this:\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" src = \"http://theo.x10hosting.com/2017/060603.jpg\" alt=\"$$$\" </>\r<BR>\n" );
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document.write( "you input the following:\r<BR>\n" );
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document.write( "present value = 23175<BR>\n" );
document.write( "future value = 0<BR>\n" );
document.write( "your time periods are in months<BR>\n" );
document.write( "number of time periods = 3 years * 12 months = 36<BR>\n" );
document.write( "payment amount = 0 or blank<BR>\n" );
document.write( "interest rate percent per time period = 4 percent per year / 12 months in a year = .33333333<BR>\n" );
document.write( "payment is made at the end of each time period.\r<BR>\n" );
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document.write( "when you click on pmt, you will get a monthly payment of 684.22\r<BR>\n" );
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document.write( "the present value is positive because that's the amount of money you will receive from the loan so you can use that to pay the car seller.\r<BR>\n" );
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document.write( "the monthly amount is negative because that's what you are paying out each month in order to pay off the loan.\r<BR>\n" );
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document.write( " </SPAN>\n" );
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