document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1160068>Question 1160068</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Joseph bought a townhouse in North riding for R700 000.he paid a deposit of R100 000 and managed to secure a loan for the outstanding amount. The term of the loan is 20 years and the interest rate is fixed at 7.75% per year, compounded monthly. Calculate Joseph minimum monthly payment 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 #783215 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=783215\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> use a financial calculator, such as the TI-BA-II.<BR>\n" );
document.write( "townhouse was bought for 700,000.<BR>\n" );
document.write( "deposit was 100,000.<BR>\n" );
document.write( "600,000 was borrowed from the bank at 7.75% per year compounded monthly.<BR>\n" );
document.write( "inputs are:<BR>\n" );
document.write( "present value of loan is 600,000.<BR>\n" );
document.write( "number of time periods is 20 years * 12 = 240 months.<BR>\n" );
document.write( "interest rate per month is 7.5% / 12 = .625% per month.<BR>\n" );
document.write( "payments are made at the end of each month.<BR>\n" );
document.write( "future value of loan is 0.<BR>\n" );
document.write( "payment at the end of each month is calculated to be 4833.559161.<BR>\n" );
document.write( "rounded to nearest penny equals $4833.56.\r<BR>\n" );
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document.write( "a comparable financial calculator on the web can be found at <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( "put the same inputs into the calculator and you will see that the results are the same.\r<BR>\n" );
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document.write( " </SPAN>\n" );
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