document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1136059>Question 1136059</A>: <I><SPAN STYLE=\"word-break: break-all;\"> In order to purchase a home, a family borrows $70,000 at 12% for 15 years. What is the monthly payment?<BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #753815 by </B><A HREF=/tutors/aboutme.mpl?userid=Theo><B>Theo(13342)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Theo><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=Theo><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=753815\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> use the following online calculator.\r<BR>\n" );
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document.write( "<a  rel=nofollow HREF= \"https://arachnoid.com/finance/\" target = \"_blank\">https://arachnoid.com/finance/</a>\r<BR>\n" );
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document.write( "give it the following inputs.\r<BR>\n" );
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document.write( "present value = 70000<BR>\n" );
document.write( "number of monthly time periods = 15 * 12 = 180<BR>\n" );
document.write( "interest rate percent per month = 12/12 = 1<BR>\n" );
document.write( "payments are made at the end of each time period.<BR>\n" );
document.write( "future value = 0\r<BR>\n" );
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document.write( "click on PMT.\r<BR>\n" );
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document.write( "the calculator will tell you that the monthly payments are $840.12.\r<BR>\n" );
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document.write( "here's a display of the results of using that calculator.\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" src = \"http://theo.x10hosting.com/2019/030504.jpg\" alt=\"$$$\" >\r<BR>\n" );
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document.write( "the present value is positive because it's money you received.\r<BR>\n" );
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document.write( "the payment is negative because it's money you hav to pay out.\r<BR>\n" );
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document.write( "the calculator requires one of them to be negative if the other is positive and vice versa.\r<BR>\n" );
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document.write( "since the time periods are in months, you take the number of years and multiply them by 12 and you take the interest rate percent per year and divide it by 12.\r<BR>\n" );
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