document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1127563>Question 1127563</A>: <I><SPAN STYLE=\"word-break: break-all;\"> A man borrows $5,000 from the bank. Interest is charged at the end of each month 3% per month. He promises to repay at the end of two years the full amount plus interest in one big payment. \r<BR>\n" );
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document.write( "1. Calculate the total interest at the end of two years.<BR>\n" );
document.write( "2. How much would be repaid at the end of two years?<BR>\n" );
document.write( "3. If he decides to repay $150 per month, how much will he still owe the bank after the first 2 repayments? 	<BR>\n" );
document.write( "4. Will he able to repay his debt if he continues to repay at $150 per month? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #744015 by </B><A HREF=/tutors/aboutme.mpl?userid=addingup><B>addingup(3677)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=addingup><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=addingup><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=744015\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> simple or compound interest? <BR>\n" );
document.write( "Simple: Prt = interest, 5000(0.03*24) = 3600 this is the interest<BR>\n" );
document.write( "5000 + 3600 = 8600 this is the amount to repay after 2 years<BR>\n" );
document.write( "Monthly, his interest amounts to 5000*0.03 = 150 so if he pays 150/month he would only be paying the interest and would never get to repay the 5000 </SPAN>\n" );
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