document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1122078>Question 1122078</A>: <I><SPAN STYLE=\"word-break: break-all;\"> You can afford a $1400 per month mortgage payment. You've found a 30 year loan at 7% interest.\r<BR>\n" );
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document.write( "a) How big of a loan can you afford?\r<BR>\n" );
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document.write( "b) How much total money will you pay the loan company?\r<BR>\n" );
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document.write( "c) How much of that money is interest?\r<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 #738134 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=738134\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> you can use the following online calculator to solve this problem.\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( "my inputs to this calculator were:\r<BR>\n" );
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document.write( "future value = 0<BR>\n" );
document.write( "number of time periods = 30 * 12 = 360<BR>\n" );
document.write( "interest rate percent per time period = 7 / 12 = .58333333....<BR>\n" );
document.write( "payment are made at the end of each time period<BR>\n" );
document.write( "monthly payment was -1400.\r<BR>\n" );
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document.write( "the payment is entered as negative because it's money going out.<BR>\n" );
document.write( "the present value is positive because it's mone7y coming in.\r<BR>\n" );
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document.write( "i then clicked on PV and it told me that the present value is 210,430.62.\r<BR>\n" );
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document.write( "that is the amount of the loan that can be had with payments of 1400 at the end of each month for 360 months at 7% per year compounded monthly.\r<BR>\n" );
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document.write( "the sum of all the payments was 360 * 1400 = 504,000.\r<BR>\n" );
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document.write( "that's the total amount that you paid to the loan company.\r<BR>\n" );
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document.write( "the interest paid on the loan was 504,000 minus 210,430.62 = 293,569.38.\r<BR>\n" );
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document.write( "over the period of 30 years, you paid more in interest than you received.\r<BR>\n" );
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document.write( "my output from the calculator is shown below:\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" src = \"http://theo.x10hosting.com/2018/082905.jpg\" alt=\"$$$\" >\r<BR>\n" );
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document.write( " </SPAN>\n" );
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