document.write( "Question 1133119: 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? \n" ); document.write( "

Algebra.Com's Answer #750326 by ikleyn(52787) $\"\"$ $\"About$

You can put this solution on YOUR website!
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\n" ); document.write( "\n" ); document.write( "            In the post by @greenestamps, the formula for the monthly payment to repay the loan is presented incorrectly\r
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\n" ); document.write( "\n" ); document.write( "            I came to provide a correct formula.\r
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document.write( "              See this Wikipedia article Mortgage_calculator\r\n" );
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document.write( "              https://en.wikipedia.org/wiki/Mortgage_calculator\r\n" );
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\n" ); document.write( "\n" ); document.write( "The formula for determining the amount of each payment, P, with a loan amount of A, an annual percentage rate of r,
\n" ); document.write( "with payments n times per year, for t years, is\r
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\n" ); document.write( "\n" ); document.write( " $\"P\"$ = $\"A%2A%28%28r%2Fn%29%2F%281+-+%281%2Br%2Fn%29%5E%28-n%2At%29%29%29\"$ .\r
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\n" ); document.write( "\n" ); document.write( "In this problem, A = 9000; r = 12.8% = 0.128; n = 12; and t = 5. The amount of each payment is then \r
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\n" ); document.write( "\n" ); document.write( " $\"P\"$ = $\"9000%2A%28%280.128%2F12%29%2F%281+-+%281%2B0.128%2F12%29%5E%28-12%2A5%29%29%29\"$ = $203.86.\r
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\n" ); document.write( "\n" ); document.write( "The total amount Hannah will pay over the 60 months is 60 times that payment amount.\r
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