document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1194388>Question 1194388</A>: <I><SPAN STYLE=\"word-break: break-all;\"> A woman borrows $1500, agreeing to pay $100 at the end of each month to reduce the outstanding principal and agreeing to pay the interest due on any unpaid balance at a rate of 12% per annum (i.e. 1% per month). Determine the sum of all interest payments. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #827596 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=827596\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> the loan is 1500.<BR>\n" );
document.write( "the payments are 100 at the end of each month.<BR>\n" );
document.write( "the interest rate is 12% per year / 12 = 1% per month.<BR>\n" );
document.write( "the number of months required to pay off the loan is equal to 16.33301765.<BR>\n" );
document.write( "total payments are that * 100 = 1633.01765.<BR>\n" );
document.write( "total interest is 1633.01765 minus 1500 = 133.01765.<BR>\n" );
document.write( "i used the ti-ba-ii financial calculator.<BR>\n" );
document.write( "inputs were:<BR>\n" );
document.write( "present value = 1500<BR>\n" );
document.write( "future value = 0<BR>\n" );
document.write( "payment at the end of each month = -100<BR>\n" );
document.write( "interest rate per month = 1%<BR>\n" );
document.write( "output was number of months.<BR>\n" );
document.write( "let me know if you have any questions.<BR>\n" );
document.write( "theo\r<BR>\n" );
document.write( "\n" );
document.write( " </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );