document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1184250>Question 1184250</A>: <I><SPAN STYLE=\"word-break: break-all;\"> A business loan of Php 45,000 is given to Mr. Smith. The monthly payment for the loan amounts to Php 11,485.35 for 4 months. The interest rate used is 10% convertible monthly. How much is the outstanding balance after the first payment?  </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #814791 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=814791\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> the outstanding balance when you start is 45,000<BR>\n" );
document.write( "the monthly interest rate is 10/12/100 = .00833333.....<BR>\n" );
document.write( "the 45000 is multiplied by (1 + .00833333.....) to get 45375.<BR>\n" );
document.write( "the 11,485.35 is then subtracted to get 33889.65 remaining balance after the first payment.\r<BR>\n" );
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