document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1190577>Question 1190577</A>: <I><SPAN STYLE=\"word-break: break-all;\"> You can afford a $1300 per month mortgage payment. You've found a 30-year loan at 7% interest.\r<BR>\n" );
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document.write( "a) How big of a loan can you afford? (Round down to the cent.)<BR>\n" );
document.write( "B) I got $468,000 of what I will pay the loan company<BR>\n" );
document.write( "c) How much of that money is interest?<BR>\n" );
document.write( "I've been doing this problem but I'm just stuck on the first question and the last one. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #822276 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=822276\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> mortgage payment is 1300 per month for 30 years at 7% interest.\r<BR>\n" );
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document.write( "if the interest is compounded monthly and the payment is at the end of each month, then you would be able to afford a loan for 195,399.84.<BR>\n" );
document.write( "the interest would be that 468,000 minus that = 272,600.16.\r<BR>\n" );
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document.write( "if the interest is compounded monthly and the payment is at the beginning of each month, then you would be able to afford a loan for 196,539.67.<BR>\n" );
document.write( "the interest would be 468,000 minus that = 271,460.33.\r<BR>\n" );
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document.write( "most of the time that i've seen these problems, the payment is at the end of the month and the interest rate is compounded monthly, so give the first option a try and, if not good, then give the second option a try.\r<BR>\n" );
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document.write( "let me know if you have any questions or need further clarification.<BR>\n" );
document.write( "theo<BR>\n" );
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