document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1195632>Question 1195632</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 #828416 by </B><A HREF=/tutors/aboutme.mpl?userid=dezbee2008><B>dezbee2008(5)</B></A><img src=\"/images/stars/iconNewId_16x16.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=dezbee2008><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=dezbee2008><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=828416\">put this solution on YOUR website!</A><BR><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.\r<BR>\n" );
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document.write( "Our first step is to convert this to the Simple Interest equation:<BR>\n" );
document.write( "A=P(1+RT)<BR>\n" );
document.write( "A is the total accrued amount<BR>\n" );
document.write( "P is the principle ($176,000)<BR>\n" );
document.write( "R is the rate in decimal form (i.e. move decimal two places to the left, so 6.2% converted into decimal is 0.062)<BR>\n" );
document.write( "T is the time in years (or months) (30 years)\r<BR>\n" );
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document.write( "The equation becomes A=$176000(1+0.062*30)\r<BR>\n" );
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document.write( "Solve the equation using the order of operations:<BR>\n" );
document.write( "A=$176000(1+1.86)<BR>\n" );
document.write( "A=$176000(2.86)<BR>\n" );
document.write( "A=$503360\r<BR>\n" );
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document.write( "Your total home loan is $503360. You will use this number for the second part of the question.\r<BR>\n" );
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document.write( "Now we move on to the second part of the question.<BR>\n" );
document.write( "The monthly payment is $1077.95<BR>\n" );
document.write( "Multiply $1077.95 by 12 months will become $12395.40<BR>\n" );
document.write( "Multiply $12395.40 by 20 years will become $258708<BR>\n" );
document.write( "Finally, subtract $258708 from $503360 and you will reach the answer of $244652 </SPAN>\n" );
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