document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1172953>Question 1172953</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Calculate the amount financed, the finance charge, and the monthly payments (in $) for the add-on interest loan. (Round your answers to the nearest cent.)\r<BR>\n" );
document.write( "\n" );
document.write( "purchase price: $2,000<BR>\n" );
document.write( "down payment: 15%<BR>\n" );
document.write( "amount financed: $1700<BR>\n" );
document.write( "add on interest: 13.25%<BR>\n" );
document.write( "number of payments: 30<BR>\n" );
document.write( "finance charge: ____<BR>\n" );
document.write( "monthly payment: ______\r<BR>\n" );
document.write( "\n" );
document.write( "I was able to get the amount finance but I'm having a hard time getting the finance charge and monthly payment. I tired I=PRT and put in 1700 x .1325 x 12 and got 2703 which was wrong. I just used 12 because of 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 #798093 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=798093\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> if this is simple interest, the formula is:<BR>\n" );
document.write( "i = p * r * t<BR>\n" );
document.write( "i is the interest<BR>\n" );
document.write( "p is the principal<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" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "it looks like the payments are per month, with the number of months = 30.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "the interest rate per month would be 13.25% per year / 100 = .1325 per year / 12 = .0110416667 per month.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "the formula becomes i = 1700 * .0110416667 * 30 = 563.125.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "that's the finance charge.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "what is owed is 1700 + that = 2263.125\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "the monthly charge is that / 30 = 75.4375.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "try those numbers.<BR>\n" );
document.write( "see how you do.<BR>\n" );
document.write( "let me know if that's correct or not.<BR>\n" );
document.write( "i'm assuming simple interest formula is what's applied for this problem.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "theo </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );