document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1124636>Question 1124636</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Rita borrows&#8203; $4,500 from the bank at 9 percent annually compounded interest to be repaid in three equal annual installments. The interest paid in the third year is </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #740973 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=740973\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> i used the following online 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( "this allowed me to determine what the payments needed to be at the end of each year.\r<BR>\n" );
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document.write( "the payments required at the end of each year are 1777.75.\r<BR>\n" );
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document.write( "the following spreadsheet shows the year by year calculations.\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" src = \"http://theo.x10hosting.com/2018/092901.jpg\" alt=\"$$$\" >\r<BR>\n" );
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document.write( "at end of year 1, the remaining balance of $4500 from the end of year 0 is multiplied by 9% to get the interest charge of $405.\r<BR>\n" );
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document.write( "this is added to the remaining balance of $4500 from the end of year 0 and then the annual payment of $1777.75 is subtracted from that to get the remaining balance of $3127.25 at the end of year 1.\r<BR>\n" );
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document.write( "at the end of year 3, the remaining balance of $1630.96 from the end of year 2 is multiplied by 9% to get the interest charge of $146.79.\r<BR>\n" );
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document.write( "this is added to the remaining balance of $1630.96 from the end of year 2 and then the annual payment of $1777.75 is subtracted from that to get the remaining balance of $0.00 at the end of year 3.\r<BR>\n" );
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document.write( "the loan is fully paid of by the end of year 3.\r<BR>\n" );
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document.write( "your solution is that the interest paid in the third year is $146.79.\r<BR>\n" );
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