document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1131064>Question 1131064</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Consider a student loan of &#8203;$22,500 at a fixed APR of 9% for 25 years.<BR>\n" );
document.write( "a. Calculate the monthly payment.&#8203;(Do not round until the final answer. Then round to the nearest cent as&#8203; needed.)\r<BR>\n" );
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document.write( "b. Determine the total amount paid over the term of the loan.(Round to the nearest cent as&#8203; needed.)\r<BR>\n" );
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document.write( "c. Of the total amount&#8203; paid, what percentage is paid toward the principal.(Round to the nearest tenth as&#8203; needed.) </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #749006 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=749006\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> P=rPV/(1-(1+r)^(-nt)), where r is rate/year (n) and t is number of years<BR>\n" );
document.write( "P=(.09/12)*22500/(1-(1.0075^300)<BR>\n" );
document.write( "=168.75/0.8937<BR>\n" );
document.write( "=$188.82<BR>\n" );
document.write( "Total amount paid is the above *300 months, or $56646<BR>\n" );
document.write( "the principal was $22500, so the percentage paid towards it is 39.7% </SPAN>\n" );
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