document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1120582>Question 1120582</A>: <I><SPAN STYLE=\"word-break: break-all;\"> GIVEN: \r<BR>\n" );
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document.write( "Monthly mortgage payment = 514.980676\r<BR>\n" );
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document.write( "We can calculate how much of a house you can afford using the loan formula. In question thirteen, you determined the monthly mortgage payment you can afford. Using this value found in #13 for the regular monthly payment to calculate the present value (P), assuming you receive a 30-year mortgage (loan) with an annual interest rate of 3.625% with monthly compounding. (Note: This rate is realistic for a mortgage initiated in April 2015.)<BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #736301 by </B><A HREF=/tutors/aboutme.mpl?userid=ankor@dixie-net.com><B>ankor@dixie-net.com(22740)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=ankor@dixie-net.com><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=ankor@dixie-net.com><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=736301\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Monthly mortgage payment = 514.980676 <BR>\n" );
document.write( " you determined the monthly mortgage payment you can afford.<BR>\n" );
document.write( " Using this value for the regular monthly payment to calculate the present value (P), assuming you receive a 30-year mortgage (loan) with an annual interest rate of 3.625% with monthly compounding.<BR>\n" );
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document.write( "The monthly payment: P<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=%28%281%2B%28r%2Fn%29%29%5E%28nt%29%2A%28r%2Fn%29%29%2F%28%281%2B%28r%2Fn%29%29%5E%28nt%29-1%29%29 ALIGN=MIDDLE   DISABLED_style= \"max-width:90%; height:auto;\" > = MP <BR>\n" );
document.write( "P<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=%28%281%2B%28.03625%2F12%29%29%5E%2830%2A12%29%2A%28.03625%2F12%29%29%2F%28%281%2B%28.03625%2F12%29%29%5E%2812%2A30%29-1%29%29 ALIGN=MIDDLE   DISABLED_style= \"max-width:90%; height:auto;\" > = 514.98<BR>\n" );
document.write( "do the math<BR>\n" );
document.write( "P<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=%282.9620%2A.00302%29%2F1.962 ALIGN=MIDDLE  ALT=\"%282.9620%2A.00302%29%2F1.962\"   DISABLED_style= \"max-width:90%; height:auto;\" > = 514.98<BR>\n" );
document.write( ".004559P = 514.98<BR>\n" );
document.write( "P ~ $112,960<BR>\n" );
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