document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1172319>Question 1172319</A>: <I><SPAN STYLE=\"word-break: break-all;\"> 21.	Maybank will loan you RM7,500 for two years to buy a car. The loan must be repaid in 24 equal monthly payments. The annual interest rate on the loan is 12% of the unpaid balance. What is the amount of the monthly payments?  </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #797331 by </B><A HREF=/tutors/aboutme.mpl?userid=Boreal><B>Boreal(15235)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=Boreal><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=Boreal><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=797331\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Payment=Loan/Discount factor<BR>\n" );
document.write( "Discount factor here is (1+.01)^24-1/(0.01*1.01^24).  The .10 is r/12, the monthly rate (r/n), and the 24 is the number of payments.<BR>\n" );
document.write( "round at the end<BR>\n" );
document.write( "The discount factor is 21.2433<BR>\n" );
document.write( "the loan is 7500<BR>\n" );
document.write( "The monthly payment is $353.05 </SPAN>\n" );
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