document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1175398>Question 1175398</A>: <I><SPAN STYLE=\"word-break: break-all;\"> You want to buy a 221,000 home. You plan to pay a 15% down payment, and take out a 30 year loan for the rest.<BR>\n" );
document.write( "What will the monthly payments be if the interest rate is 6%?<BR>\n" );
document.write( "What will the monthly payments be if the interest rate is 7%?  </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #801087 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=801087\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> using the calculator at <a  rel=nofollow HREF= \"\" target = \"_blank\"></a>, do the following:\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "15% of 221,000 = .15 * 221,000 = 33,150.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "subtract that from 221,000 to get 187,850.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "that's the amount you have to finance.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "at 6% interest per year compounded monthly, your inputs will be:\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "pv = 187,850.<BR>\n" );
document.write( "fv = 0<BR>\n" );
document.write( "np = 30 years * 12 months per year = 360 months.<BR>\n" );
document.write( "ir = 6% / 12 months per year = .5% per month.<BR>\n" );
document.write( "payment at end of time period.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "click on pmt to get a payment of 1,725.81 required at the end of each month for 360 months.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "the results of that calculation are shown below:\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" src = \"http://theo.x10hosting.com/2021/022005.jpg\" >\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "at 7% interest per year compounded monthly, your inputs will be:\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "pv = 187,850.<BR>\n" );
document.write( "fv = 0<BR>\n" );
document.write( "np = 30 years * 12 months per year = 360 months.<BR>\n" );
document.write( "ir = 7% / 12 months per year = .58333333333333% per month.<BR>\n" );
document.write( "payment at end of time period.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "click on pmt to get a payment of 1,915.07 required at the end of each month for 360 months.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "the results of that calculation are shown below.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" src = \"http://theo.x10hosting.com/2021/022006.jpg\" >\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "in both calculations, you enter the present value as positive and the monthly payment required is shown as negative.<BR>\n" );
document.write( "that's because you will be receiving the present value while you will be spending the monthly payments.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "you enter the interest rate as .5833333333333..... and the calculator uses that full value as entered, but it displays that number rounded to 6 decimal digits.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( "the results from the use of this calculator are rounded to the nearest penny.<BR>\n" );
document.write( " </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );