document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1123417>Question 1123417</A>: <I><SPAN STYLE=\"word-break: break-all;\"> I borrowed $22650 at 6.7% p.a. paid monthly over 12 quarters. Calculate how much my monthly instalments should be  </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #739732 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=739732\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> 22650 is the present value<BR>\n" );
document.write( "6.7% per year compounded monthly = .5583333333.....% per month.<BR>\n" );
document.write( "12 quarters / 4 = 3 years * 12 = 36 months.\r<BR>\n" );
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document.write( "the loan is for 22,650 for 36 months at .55833333.....% per month.\r<BR>\n" );
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document.write( "payment is assumed to be at the end of each month.\r<BR>\n" );
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document.write( "the monthly payments need to be 696.26 per month.\r<BR>\n" );
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document.write( "you can use the following online financial calculator to do the calculations yourself.\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( "your inputs would be:\r<BR>\n" );
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document.write( "present value = 22650 (positive because it's money you received).<BR>\n" );
document.write( "future value = 0 (remaining balance must be 0 at end of loan period).<BR>\n" );
document.write( "number of time periods = 12 quarters / 4 = 3 years * 12 months per year = 36 months.<BR>\n" );
document.write( "payment amount = what you want to find.<BR>\n" );
document.write( "percent interest per time period = 6.7% per year / 12 = .5833333....% per month.<BR>\n" );
document.write( "paymnt is made at the end of each time period.\r<BR>\n" );
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document.write( "click on PMT and the calculator tells you that the monthly payment needs to be 696.20.<BR>\n" );
document.write( "it is shown as negative since it's money you need to pay out at the end of each month.\r<BR>\n" );
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document.write( "a display of the calculator inputs and outputs is shown below:\r<BR>\n" );
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