document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1150238>Question 1150238</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Please, I need help on this equation.\r<BR>\n" );
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document.write( "You want to buy a $205,000 home. You plan to pay 20% as a down payment, and take out a 30 year fixed loan for the rest.<BR>\n" );
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document.write( "a) How much is the loan amount going to be?<BR>\n" );
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document.write( "b) What will your monthly payments be if the interest rate is 5.7%?<BR>\n" );
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document.write( "c) What will your monthly payments be if the interest rate is 6.7%?<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 #771599 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=771599\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> you can use the following online calculator, if you don't have one.<BR>\n" );
document.write( "<a  rel=nofollow HREF= \"https://arachnoid.com/finance/index.html\" target = \"_blank\">https://arachnoid.com/finance/index.html</a>\r<BR>\n" );
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document.write( "what you need to do is:<BR>\n" );
document.write( "divide the yearly interest rate percent by 12 to get the monthly interest rate percent.<BR>\n" );
document.write( "multiply the number of years by 12 to get the number of months.\r<BR>\n" );
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document.write( "5.7% per year / 12 = .475% per month.<BR>\n" );
document.write( "6.7% per year / 12 = .5583333333% per month.<BR>\n" );
document.write( "30 years * 1 2 = 360 months.\r<BR>\n" );
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document.write( "your present value is set to 205,000 minus 20% of 205000 = 164,000.<BR>\n" );
document.write( "your future value is set to 0.<BR>\n" );
document.write( "your payments are made at the end of each time period.\r<BR>\n" );
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document.write( "inputs at 5.7% per year are shown below:\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" src = \"http://theo.x10hosting.com/2019/121005.jpg\" alt=\"$$$\" >\r<BR>\n" );
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document.write( "output at 5.7% per year is shown below:\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" src = \"http://theo.x10hosting.com/2019/121006.jpg\" alt=\"$$$\" >\r<BR>\n" );
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document.write( "inputs at 6.7% per year are shown below:\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" src = \"http://theo.x10hosting.com/2019/121007.jpg\" alt=\"$$$\" >\r<BR>\n" );
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document.write( "output at 6.7% per year is showon below:\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" src = \"http://theo.x10hosting.com/2019/121008.jpg\" alt=\"$$$\" >\r<BR>\n" );
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document.write( "the present value is positive because it's money received.<BR>\n" );
document.write( "the payment is negative because it's money spent.\r<BR>\n" );
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document.write( "your loan amount is $164,000.<BR>\n" );
document.write( "your payments at the end of each month at 5.7% per year are $951.86.<BR>\n" );
document.write( "your payments at the end of each month at 6.7% per year are $1058.66. </SPAN>\n" );
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