document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1158239>Question 1158239</A>: <I><SPAN STYLE=\"word-break: break-all;\"> A man<BR>\n" );
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document.write( "uses a loan program for small businesses to obtain a loan to help expand his<BR>\n" );
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document.write( "vending machine business. The man<BR>\n" );
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document.write( "borrows ​$28 comma 000<BR>\n" );
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document.write( "for 2<BR>\n" );
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document.write( "years with a simple interest rate of 1.2<BR>\n" );
document.write( "​%. <BR>\n" );
document.write( "Determine the amount of money the man<BR>\n" );
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document.write( "must repay after 2<BR>\n" );
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document.write( "years. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #781176 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=781176\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> simple interest formula (not compound interest formula) is used here, as much as i know.<BR>\n" );
document.write( "the formula is:<BR>\n" );
document.write( "f = p * (1 + r * n).<BR>\n" );
document.write( "f is the future value<BR>\n" );
document.write( "p is the present value<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( "in this problem, the formula becomes:<BR>\n" );
document.write( "f = 28,000 * (1 + .012 * 2)<BR>\n" );
document.write( "time periods are in years.<BR>\n" );
document.write( "r = 1.2% / 100 = .012 per year<BR>\n" );
document.write( "n = 2 years<BR>\n" );
document.write( "p = 28,000<BR>\n" );
document.write( "solve for f to get:<BR>\n" );
document.write( "f = 28,672<BR>\n" );
document.write( "that's what must be repaid after 2 years.\r<BR>\n" );
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