document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1187247>Question 1187247</A>: <I><SPAN STYLE=\"word-break: break-all;\"> You decide to quit using your credit card and want to pay off the balance of $3,000 in 2 years. Your interest rate is 20.05% compounded monthly. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #818197 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=818197\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> using the financial calculator at <a  rel=nofollow HREF= \"https://arachnoid.com/finance/index.html\" target = \"_blank\">https://arachnoid.com/finance/index.html</a>, you would do the following.\r<BR>\n" );
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document.write( "these are the inputs.\r<BR>\n" );
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document.write( "this the output.\r<BR>\n" );
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document.write( "this is what the end of month by end of month remaining balance looks like.\r<BR>\n" );
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document.write( "with the formulas in the calculator, you use the interest rate percent per year divided by 12 to get the interest rate percent per month.\r<BR>\n" );
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document.write( "with the excel calculations, you use the interest rate divided by 12.\r<BR>\n" );
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document.write( "the interest rate is the percent divided by 100.\r<BR>\n" );
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document.write( "in both, your investment period is 24 months.\r<BR>\n" );
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document.write( "that's 2 years multiplied by 12 = 24 months.\r<BR>\n" );
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document.write( "in the calculator, your inputs are everything but pmt and your output is pmt.\r<BR>\n" );
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document.write( "you would need to pay 152.76 at the end of each month for 24 months, at the end of which the loan is paid off.\r<BR>\n" );
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document.write( "20.05% divided by 12 = 1.670833333....%\r<BR>\n" );
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document.write( ".2005 divided by 12 = .01670833333.....\r<BR>\n" );
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document.write( " </SPAN>\n" );
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