document.write( "Question 1187350: 2. Assume you want to purchase television set at a cost of $184,000. You are able to make a down payment of $24,000 and will borrow $160,000 for 5 years at an interest rate of 7.80%. How much is your monthly payment? \n" ); document.write( "
Algebra.Com's Answer #818563 by Theo(13342)\"\" \"About 
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the purchase price is 184,000.
\n" ); document.write( "the down payment is 24,000.
\n" ); document.write( "the amount of the loan is 184,000 - 24,000 = 160,000.
\n" ); document.write( "the term of the loan is 5 yearss.
\n" ); document.write( "the interest rate of the loan is 7.8% per year compounded monthly.
\n" ); document.write( "divide that by 12 to get an interest rate of 7.8/12 = .65% per month.
\n" ); document.write( "multiply the number of years by 12 to get 5 * 12 = 60 months.\r
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\n" ); document.write( "\n" ); document.write( "the payment at the end of each month will be equal to 3228.93 rounded to the nearest penny.\r
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\n" ); document.write( "\n" ); document.write( "the online calculator at https://arachnoid.com/finance/index.html shows the results.\r
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\n" ); document.write( "\n" ); document.write( "here they are:\r
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\n" ); document.write( "\n" ); document.write( "input is everything but pmt.
\n" ); document.write( "output is pmt.\r
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