document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1195564>Question 1195564</A>: <I><SPAN STYLE=\"word-break: break-all;\"> You want to take out a $176,000 mortgage (home loan). The interest rate on the loan is 6.2%, and the loan is for 30 years. Your monthly payments are $1,077.95. How much will still be owed after making payments for 20 years? Round your answer to the nearest dollar.<BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #828114 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=828114\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> the loan is 176,000<BR>\n" );
document.write( "the interest rate per month is 6.2%/12 = .516666666.....%<BR>\n" );
document.write( "the monthly payments are 1,077.95.<BR>\n" );
document.write( "these payments are made at the end of each month.<BR>\n" );
document.write( "after 20 years, the number of years remaining is 10.<BR>\n" );
document.write( "the number of months remaining is 10 * 12 = 120.<BR>\n" );
document.write( "the present value of 1077.95 at the end of each month for 120 months at the same interest rate is equal to 96,221.88.<BR>\n" );
document.write( "round to the nearest dollar to get 96,222.<BR>\n" );
document.write( "that's how much will still be owed after making payments for 20 years.<BR>\n" );
document.write( "i used the calculator at <a  rel=nofollow HREF= \"https://arachnoid.com/finance/index.html\" target = \"_blank\">https://arachnoid.com/finance/index.html</a><BR>\n" );
document.write( "these are the results from using that calculator.<BR>\n" );
document.write( "<IMG STYLE=\"max-width:80%;\" src = \"http://theo.x10hosting.com/2022/072101.jpg\" ><BR>\n" );
document.write( "let me know if you have any questions.<BR>\n" );
document.write( "theo\r<BR>\n" );
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