document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1157355>Question 1157355</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Can you please help me with this problem? I've been trying to figure it out but I'm stuck. I appreciate any help.<BR>\n" );
document.write( " Juanita and Liz are buying a house. They have $23000 for a down payment. The house price is $157000. If the interest rate is 5.6% compounded monthly, determine the size of the monthly payments they must make over the next 30 years to pay off the house.<BR>\n" );
document.write( "Express your answer rounded to the nearest cent! </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #780208 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=780208\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> use of a financial calculator will solve this easily.<BR>\n" );
document.write( "my calcuclator is the texas instruments business analyst II.<BR>\n" );
document.write( "inputs are:<BR>\n" );
document.write( "house price is 157,000.<BR>\n" );
document.write( "down payment of 23,000 means 157 - 23 = 134,000 must be financed.<BR>\n" );
document.write( "inerest rate is 3.6% compounded monthly.<BR>\n" );
document.write( "mortgage is for 30 years.<BR>\n" );
document.write( "your inputs to this calculator will be:<BR>\n" );
document.write( "present value = 134,000<BR>\n" );
document.write( "future value = 0<BR>\n" );
document.write( "interest rate per month = 5.6% per year  12 = .46666666...% per month.<BR>\n" );
document.write( "number of months = 30 years * 12 = 360 months.<BR>\n" );
document.write( "payments are made at the end of each month.<BR>\n" );
document.write( "stick that in your calculator and have the calculator give you the monthly payment of 769.27 per month, rounded to the nearest penny.<BR>\n" );
document.write( "there's an online calculator that does the same thing.<BR>\n" );
document.write( "here's what the output of that calculator looks like.\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" src = \"http://theo.x10hosting.com/2020/042801.jpg\" alt=\"$$$\" >\r<BR>\n" );
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document.write( "here's some formulas that can sometimes be used.<BR>\n" );
document.write( "<a  rel=nofollow HREF= \"https://www.algebra.com/algebra/homework/Finance/THEO-2016-04-29.lesson\" target = \"_blank\">https://www.algebra.com/algebra/homework/Finance/THEO-2016-04-29.lesson</a><BR>\n" );
document.write( "the particular one that applies to your problem is shown below.<BR>\n" );
document.write( "be sure to enter the inputs into your calculator exactly in the format shown.<BR>\n" );
document.write( "otherwise you stand a good change of not getting the right answer.\r<BR>\n" );
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document.write( "ANNUITY FOR A PRESENT AMOUNT WITH END OF TIME PERIOD PAYMENTS\r<BR>\n" );
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document.write( "a = (p*r)/(1-(1/(1+r)^n))\r<BR>\n" );
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document.write( "a is the annuity.<BR>\n" );
document.write( "p is the present amount.<BR>\n" );
document.write( "r is the interest rate per time period.<BR>\n" );
document.write( "n is the number of time periods.\r<BR>\n" );
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document.write( "your inputs to this formula would be as shown below.\r<BR>\n" );
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document.write( "(134000*.056/12)/(1-(1/(1+.056/12)^360))\r<BR>\n" );
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document.write( "your output will be 769.2658341 which is rounded to 769.27.\r<BR>\n" );
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document.write( " </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );