document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1133119>Question 1133119</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Hannah has taken out a personal loan for $9000, which she will pay off with 60 monthly payments starting 1 month from now. The interest rate is 12.8% compounded monthly. Determine the total amount Hannah will pay over the 60 months? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #750293 by </B><A HREF=/tutors/aboutme.mpl?userid=rothauserc><B>rothauserc(4718)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=rothauserc><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=rothauserc><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=750293\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> The compound interest formula is<BR>\n" );
document.write( ":<BR>\n" );
document.write( "A = P * (1 +(r/n))^(nt), where P is the principal amount, r is the rate, n is the number of times the interest is compounded per year, t is the time in years and A is the future value of the loan including interest.<BR>\n" );
document.write( ":<BR>\n" );
document.write( "For this problem, P is $9000, r is 0.128, n is 12 and t is 5 years(60/12)<BR>\n" );
document.write( ":<BR>\n" );
document.write( "A = 9000 * (1 +(0.128/12))^(12*5) = 17010.5769 is approximately 17010.58<BR>\n" );
document.write( ":<BR>\n" );
document.write( "*****************************************************************<BR>\n" );
document.write( "The total amount Hannah will pay over the 60 months is $17,010.58<BR>\n" );
document.write( "*****************************************************************<BR>\n" );
document.write( ":<BR>\n" );
document.write( " </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );