document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1119158>Question 1119158</A>: <I><SPAN STYLE=\"word-break: break-all;\"> A loan of $1000 is for 1 year, 3 months, at 6% interest per year.  Determine interest and monthly payment.\r<BR>\n" );
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document.write( "1 year, 3 months = 15 months.\r<BR>\n" );
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document.write( "6/15 = 0.4% per month.\r<BR>\n" );
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document.write( "Not sure how to proceed.  Non-homework. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #734628 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=734628\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> loan is for 1 year 3 months at 6% interest per year.\r<BR>\n" );
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document.write( "if the loan is a flat rate loan, then do the following:\r<BR>\n" );
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document.write( "principal = 1500.<BR>\n" );
document.write( "interest rate = 6% per year = .06 / 12 = .005 per month.<BR>\n" );
document.write( "number of months = 15.\r<BR>\n" );
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document.write( "formula is i = p * r * n\r<BR>\n" );
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document.write( "p is the principal.<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" );
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document.write( "formula becomes i = 1500 * .005 * 15.\r<BR>\n" );
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document.write( "solve for i to get i = 112.5.\r<BR>\n" );
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document.write( "add the principal to get p + i = 1612.5.\r<BR>\n" );
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document.write( "divide by 15 months to get monthly payment = 107.5.\r<BR>\n" );
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document.write( "if the loan is a compound interest loan, then use the following calculator.\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( "results are shown below:\r<BR>\n" );
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document.write( "inputs are everything except payment amount.<BR>\n" );
document.write( "click on PMT and the calculator tells you the monthly payment.\r<BR>\n" );
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document.write( "inputs are:\r<BR>\n" );
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document.write( "present value = 1500.<BR>\n" );
document.write( "future value = 0<BR>\n" );
document.write( "interest rate percent = 6/12 = .5% per momth.<BR>\n" );
document.write( "number of months = 15<BR>\n" );
document.write( "payment is made at end of each month.\r<BR>\n" );
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document.write( "output is monthly payment = 104.05 payable at the end of each month.\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" src = \"http://theo.x10hosting.com/2018/062601.jpg\" alt=\"$$$\" >\r<BR>\n" );
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document.write( " </SPAN>\n" );
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