document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1149651>Question 1149651</A>: <I><SPAN STYLE=\"word-break: break-all;\"> shelly has a 13000 home equity loan that is charging her 4.25% interest. if she make payment of 400 at the end of each month, how long will it takes her to pay off the loan? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #771026 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=771026\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> <br><BR>\n" );
document.write( "Learn the loan formula and how to use it....<br><BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=P+=+A%2A%28%281-%281%2Br%2Fn%29%5E%28-%28n%2At%29%29%29%2F%28r%2Fn%29%29 ALIGN=MIDDLE  ALT=\"P+=+A%2A%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( "P = principal (amount of loan)<BR>\n" );
document.write( "A = amount of regular payment<BR>\n" );
document.write( "r = annual interest rate<BR>\n" );
document.write( "n = # of payments per year<BR>\n" );
document.write( "t = time (years)<br><BR>\n" );
document.write( "Note from those definitions that r/n is the periodic interest rate, and n*t is the total number of payments.<br><BR>\n" );
document.write( "In this example....<br<BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=13000+=+400%2A%28%281-%281%2B.0425%2F12%29%5E%28-%2812%2At%29%29%29%2F%28.0425%2F12%29%29 ALIGN=MIDDLE  ALT=\"13000+=+400%2A%28%281-%281%2B.0425%2F12%29%5E%28-%2812%2At%29%29%29%2F%28.0425%2F12%29%29\"   DISABLED_style= \"max-width:90%; height:auto;\" ><br><BR>\n" );
document.write( "The unknown (number of years to repay the loan, t) is in an exponent; so an algebraic solution will require the use of logarithms.<br><BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=%2813000%2A%28.0425%2F12%29%29%2F400+=+1-%281%2B.0425%2F12%29%5E%28-%2812%2At%29%29 ALIGN=MIDDLE  ALT=\"%2813000%2A%28.0425%2F12%29%29%2F400+=+1-%281%2B.0425%2F12%29%5E%28-%2812%2At%29%29\"   DISABLED_style= \"max-width:90%; height:auto;\" ><br><BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=1-%2813000%2A%28.0425%2F12%29%29%2F400+=+%281%2B.0425%2F12%29%5E%28-%2812%2At%29%29 ALIGN=MIDDLE  ALT=\"1-%2813000%2A%28.0425%2F12%29%29%2F400+=+%281%2B.0425%2F12%29%5E%28-%2812%2At%29%29\"   DISABLED_style= \"max-width:90%; height:auto;\" ><br><BR>\n" );
document.write( "log(<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=1-%2813000%2A%28.0425%2F12%29%29%2F400 ALIGN=MIDDLE  ALT=\"1-%2813000%2A%28.0425%2F12%29%29%2F400\"   DISABLED_style= \"max-width:90%; height:auto;\" >) = -12t*log(<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=%281%2B.0425%2F12%29 ALIGN=MIDDLE  ALT=\"%281%2B.0425%2F12%29\"   DISABLED_style= \"max-width:90%; height:auto;\" >)<br><BR>\n" );
document.write( "-12t = (log(<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=1-%2813000%2A%28.0425%2F12%29%29%2F400 ALIGN=MIDDLE  ALT=\"1-%2813000%2A%28.0425%2F12%29%29%2F400\"   DISABLED_style= \"max-width:90%; height:auto;\" >))/log(<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=%281%2B.0425%2F12%29 ALIGN=MIDDLE  ALT=\"%281%2B.0425%2F12%29\"   DISABLED_style= \"max-width:90%; height:auto;\" >)<br><BR>\n" );
document.write( " </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );