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 #750321 by </B><A HREF=/tutors/aboutme.mpl?userid=greenestamps><B>greenestamps(13200)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=greenestamps><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=greenestamps><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=750321\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> <br><BR>\n" );
document.write( "This is not a problem about compound interest; it is a problem about repaying a loan.<br><BR>\n" );
document.write( "The formula for determining the amount of each payment, A, with a loan amount of P, an annual percentage rate of r, with payments n times per year, for t years, is<br><BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=A+=+P%28%281-%281%2Br%2Fn%29%5E%28-%28n%2At%29%29%29%2F%28r%2Fn%29%29 ALIGN=MIDDLE  ALT=\"A+=+P%28%281-%281%2Br%2Fn%29%5E%28-%28n%2At%29%29%29%2F%28r%2Fn%29%29\"   DISABLED_style= \"max-width:90%; height:auto;\" ><br><BR>\n" );
document.write( "In this problem, P = 9000; r = 12.8% = 0.128; n = 12; and t = 5.  The amount of each payment is then what the other tutor shows, $203.86.<br><BR>\n" );
document.write( "Then the total amount Hannah will pay over the 60 months is 60 times that payment amount. </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );