document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1124773>Question 1124773</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Andres Michael bought a new boat. He took out a loan for $24,500 at 4.5% interest for 2 years. He made a $4500 partial payment at 2 months and another partial payment of $3000 at 6 months. How much is due at maturity? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #741074 by </B><A HREF=/tutors/aboutme.mpl?userid=Boreal><B>Boreal(15235)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Boreal><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=Boreal><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=741074\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Assuming simple interest (not stated otherwise) <BR>\n" );
document.write( "after 2 months, the interest is $24500*(1/6)*,045=$183.75<BR>\n" );
document.write( "the new principal is $24683.75 minus the $4500 payment to yield $20183.75<BR>\n" );
document.write( "the interest the next four months is 1/3 year, so the total is $302.76 for principal now of $20486.51<BR>\n" );
document.write( "subtract 3000 and have $17486.51 for 18 months, or 1.5 years<BR>\n" );
document.write( "That is $1180.34 interest, calculated the same way as the other two.<BR>\n" );
document.write( "The amount due is $18666.85 </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );