document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1114982>Question 1114982</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Sam plans to buy a car for R125 000. He pays a 15% deposit and manages to secure a bank loan for the<BR>\n" );
document.write( "outstanding amount. The bank charges 12,5% per annum, compounded monthly. Determine what Sam’s<BR>\n" );
document.write( "minimum monthly payment will be if the loan has to be repaid in six years’ time. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #729931 by </B><A HREF=/tutors/aboutme.mpl?userid=Boreal><B>Boreal(15235)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Boreal><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=Boreal><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=729931\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> 15% deposit leaves him with 85% of principal, or 106,250<BR>\n" );
document.write( "m=P(r/n) divided by 1-(1+r/n)^(-nt), n=12 t=6 r=0.125<BR>\n" );
document.write( "P(r/n)=1106.77, but round at end only<BR>\n" );
document.write( "1-(1+(.125/12)^(-72)=0.5258<BR>\n" );
document.write( "m=the quotient or R2104.94 per month. </SPAN>\n" );
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