document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1131201>Question 1131201</A>: <I><SPAN STYLE=\"word-break: break-all;\"> good morning, can you please help me find the answer for this question?\r<BR>\n" );
document.write( "\n" );
document.write( "You want to buy a $199,000 home. You plan to pay 10% as a down payment, and take out a 30 year loan for the rest. Consider each question below and round each answer to the nearest cent.\r<BR>\n" );
document.write( "\n" );
document.write( "a) How much is the loan amount going to be?\r<BR>\n" );
document.write( "\n" );
document.write( "$\r<BR>\n" );
document.write( "\n" );
document.write( "b) What will your monthly payments be if the interest rate is 6%?\r<BR>\n" );
document.write( "\n" );
document.write( "$\r<BR>\n" );
document.write( "\n" );
document.write( "c) What will your monthly payments be if the interest rate is 7%?\r<BR>\n" );
document.write( "\n" );
document.write( "$ </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #747846 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=747846\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> (r/n)=0.06/12=0.005<BR>\n" );
document.write( "360 payments during life of loan.<BR>\n" );
document.write( "PV=199000-19,900=179100 ANSWER a.  P=PV*(r/n)/(1-(1+(r/n)^(-nt))<BR>\n" );
document.write( "P=.005*179100/(1-(1.005^360)<BR>\n" );
document.write( "round at end<BR>\n" );
document.write( "=$1073.79\r<BR>\n" );
document.write( "\n" );
document.write( "for 7%, (r/n)=0.0058333, everything else is the same<BR>\n" );
document.write( "P=$1191.56<BR>\n" );
document.write( " </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );