document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1187635>Question 1187635</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Suppose the monthly amortization for a loan of a certain company is 1,000,000.00 Php with an interest rate of 15% a year. What is the monthly amortization for a period of 7 years and what is the interest earned for seven years? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #819214 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=819214\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> if the loan is for 1,000,000, and the loan term is 7 years and the payment are made at the end of each month, then:\r<BR>\n" );
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document.write( "pv = 1,000,000<BR>\n" );
document.write( "fv = 0<BR>\n" );
document.write( "np = 7 years * 12 months per year = 84 months.<BR>\n" );
document.write( "ir = 15% per year divided by 12 months per year = 1.25% per month.<BR>\n" );
document.write( "payment at end of each month.\r<BR>\n" );
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document.write( "using the <a  rel=nofollow HREF= \"https://arachnoid.com/finance/index.html\" target = \"_blank\">https://arachnoid.com/finance/index.html</a> calculator, the results indicate that the payment required at the end of each month is equal to 19,296.75.\r<BR>\n" );
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document.write( "inputs are everything but pmt.<BR>\n" );
document.write( "output is pmt.<BR>\n" );
document.write( "pv is positive because it's money coming in.<BR>\n" );
document.write( "pmt is negative because it's money going out.\r<BR>\n" );
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document.write( "here is a display of the results.<BR>\n" );
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document.write( "the total payments = 84 * that = 1,620,927.<BR>\n" );
document.write( "the total interest paid = 1,620,927 minus 1,000,000 = 620,927.\r<BR>\n" );
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document.write( "if they are looking for a more exact answer, then try:\r<BR>\n" );
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document.write( "pmt = 19,296.75474.<BR>\n" );
document.write( "interest = 620,927.3978.\r<BR>\n" );
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document.write( "that answer was obtained through the use of the ti-ba-ii business analyst calculator.\r<BR>\n" );
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document.write( "the online calculator rounds the answer to the nearest penny, which is ok for most problem solutions.\r<BR>\n" );
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