document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1111723>Question 1111723</A>: <I><SPAN STYLE=\"word-break: break-all;\"> You want to buy a $242,000 home. You plan to pay 10% as a down payment, and take out a 30 year loan at 5.45% interest for the rest.\r<BR>\n" );
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document.write( "a) How much is the loan amount going to be? (my answer is 217800)<BR>\n" );
document.write( "b) What will your monthly payments be? (my answer is 1229.8)<BR>\n" );
document.write( "c) How much total interest do you pay?<BR>\n" );
document.write( "d) Suppose you want to pay off the loan in 15 years rather than 30. What will your monthly payment be?<BR>\n" );
document.write( "e) How much money in interest will you save if you finance for 15 years instead of 30 years?\r<BR>\n" );
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document.write( "Can you help me the rest? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #726731 by </B><A HREF=/tutors/aboutme.mpl?userid=greenestamps><B>greenestamps(13198)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=greenestamps><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=greenestamps><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=726731\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> <br><BR>\n" );
document.write( "Your answers for a and b are right; so you know what you are doing.  You shouldn't need much help with the rest....<br><BR>\n" );
document.write( "For part c, multiply the monthly payment amount (answer for part b) times the number of payments (360) to get the total amount of all the payments; the interest you pay is the difference between that total and the original amount of the loan.<br><BR>\n" );
document.write( "For part d the calculation is the same as what you did for part b, except now you are making 180 payments instead of 360.<br><BR>\n" );
document.write( "Then calculate the total amount of payments for the 15-year loan, and the total amount of interest for the 15-year loan (using the same process as in part c).  Then the answer for part e is the difference between the two amounts of total interest for the 30-year and 15-year loans. </SPAN>\n" );
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