document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1163417>Question 1163417</A>: <I><SPAN STYLE=\"word-break: break-all;\"> You can afford a $1300 per month mortgage payment. You've found a 30 year loan at 7% interest.\r<BR>\n" );
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document.write( "a) How big of a loan can you afford?\r<BR>\n" );
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document.write( "b) How much total money will you pay the loan company?\r<BR>\n" );
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document.write( "c) How much of that money is interest?\r<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 #787507 by </B><A HREF=/tutors/aboutme.mpl?userid=solver91311><B>solver91311(24713)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=solver91311><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=solver91311><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=787507\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> <font face=\"Times New Roman\" size=\"+2\">\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=\"/cgi-bin/rendertex.cgi?\Large M\"> is the monthly payment, <IMG STYLE=\"max-width:80%;\" SRC=\"/cgi-bin/rendertex.cgi?\Large P\"> is the principal amount of the loan, <IMG STYLE=\"max-width:80%;\" SRC=\"/cgi-bin/rendertex.cgi?\Large r\"> is the interest rate <b><i>per month, expressed as a decimal</i></b> <IMG STYLE=\"max-width:80%;\" SRC=\"/cgi-bin/rendertex.cgi?\Large \(\frac{0.07}{12}\)\">, and <IMG STYLE=\"max-width:80%;\" SRC=\"/cgi-bin/rendertex.cgi?\Large n\"> is then number of payment periods <IMG STYLE=\"max-width:80%;\" SRC=\"/cgi-bin/rendertex.cgi?\Large 30\ \times\ 12\">.\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=\"/cgi-bin/rendertex.cgi?\LARGE \ \ \ \ \ \ \ \ \ \ M\ =\ P\(\frac{r\(1\,+\,r\)^n}{\(1\,+\,r\)^n\,-\,1}\)\">\r<BR>\n" );
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document.write( "Solving for <IMG STYLE=\"max-width:80%;\" SRC=\"/cgi-bin/rendertex.cgi?\Large P\"> in terms of everything else:\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=\"/cgi-bin/rendertex.cgi?\LARGE \ \ \ \ \ \ \ \ \ \ P\ =\ M\(\frac{\(1\,+\,r\)^n\,-\,1}{r\(1\,+\,r\)^n}\)\">\r<BR>\n" );
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document.write( "Plug in the numbers you know and do the arithmetic.  The total money paid is the number of payments times the amount of a payment.  The amount that is interest is the total amount paid minus the original principal.<BR>\n" );
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document.write( "John<BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" SRC=\"/cgi-bin/rendertex.cgi?\LARGE e^{i\pi}\ +\ 1\ =\ 0\"><BR>\n" );
document.write( "My calculator said it, I believe it, that settles it<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=\"/cgi-bin/rendertex.cgi?\Large \ \\r\"> </SPAN>\n" );
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