document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1194352>Question 1194352</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Math\r<BR>\n" );
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document.write( "Tragedy struck, and you had to get an emergency surgery.  But since you only work a minimum wage, “part-time” job (even though your boss makes you work 50 hours per week), your insurance is a bare-minimum policy and the surgery is not covered.  You didn’t have time to set up a Go Fund Me for your surgery and had to take out a loan to pay for the surgery.  Your monthly payment is $175 for 10 years and the loan charges 6% interest.\r<BR>\n" );
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document.write( "a)  What was the cost of the surgery?\r<BR>\n" );
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document.write( "b) How much did you actually pay for the surgery? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #826524 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=826524\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> the cost of the surgery was $15,762.85.<BR>\n" );
document.write( "you paid a total of 120 * 175 = 21,000.<BR>\n" );
document.write( "the included the cost of the surgery plus interest on the loan.<BR>\n" );
document.write( "the loan was for 10 years * 12 = 120 months.<BR>\n" );
document.write( "the interest rate of 6% per year was compounded monthly to be equal to .5% per month.<BR>\n" );
document.write( "6% was the nominal annual interest rate on the loan.<BR>\n" );
document.write( "the effective interest rate was 1.005^12 = 1.061677812 minus 1, times 100 = 6.1677812%.<BR>\n" );
document.write( "this was equal to 6.17% when rounded to 2 decimal places.<BR>\n" );
document.write( "i used the ti-ba-ii calculator.<BR>\n" );
document.write( "a comparable calculator online can be found at <a  rel=nofollow HREF= \"https://arachnoid.com/finance/index.html\" target = \"_blank\">https://arachnoid.com/finance/index.html</a><BR>\n" );
document.write( "here's a display of the results from this calculator.<BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" src = \"http://theo.x10hosting.com/2022/051801.jpg\"><BR>\n" );
document.write( "let me know if you have any questions.<BR>\n" );
document.write( "theo<BR>\n" );
document.write( " </SPAN>\n" );
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