document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1190691>Question 1190691</A>: <I><SPAN STYLE=\"word-break: break-all;\"> April took out a $10000 loan to buy a car. The loan has an interest rate of 2.1% for 4 years with monthly payments. What will April's monthly payments be? (Round up to the cents place.)\r<BR>\n" );
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document.write( "With one year left on the loan, what is April's remaining balance? (Round up to the cents place.)<BR>\n" );
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document.write( "L = 10,000 = loan amount<BR>\n" );
document.write( "i = interest rate per month = 0.021/12 = 0.00175<BR>\n" );
document.write( "n = number of months = 12*4 = 48\r<BR>\n" );
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document.write( "P = monthly payment<BR>\n" );
document.write( "P = (L*i)/( 1-(1+i)^(-n) )<BR>\n" );
document.write( "P = (10,000*0.00175)/( 1-(1+0.00175)^(-48) )<BR>\n" );
document.write( "P = 217.387950449613<BR>\n" );
document.write( "P = 217.39\r<BR>\n" );
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document.write( "m = number of months left = 12<BR>\n" );
document.write( "B = remaining balance with m months left<BR>\n" );
document.write( "B = P*(1-(1+i)^(-m))/i<BR>\n" );
document.write( "B = 217.387950449613*(1-(1+0.00175)^(-12))/(0.00175)<BR>\n" );
document.write( "B = 2579.22270192667<BR>\n" );
document.write( "B = 2579.22\r<BR>\n" );
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document.write( "The monthly payment and remaining balance can be confirmed when using a calculator such as this one<BR>\n" );
document.write( "<a  rel=nofollow HREF= \"https://www.calculator.net/loan-calculator.html\">https://www.calculator.net/loan-calculator.html</a><BR>\n" );
document.write( "After you type in the proper values, and hit \"calculate\", it should show the monthly payment being $217.39<BR>\n" );
document.write( "Also, click on \"View Amortization Table\". Note the balance at the end of month 36 (and at the beginning of month 37) is exactly $2,579.22\r<BR>\n" );
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document.write( "Answers:<BR>\n" );
document.write( "monthly payment = $217.39<BR>\n" );
document.write( "Remaining balance with one year left = $2,579.22<BR>\n" );
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