document.write( "Question 1196309: Please help with the homework:
\n" ); document.write( "John purchase an apartment for R180000.00 with a down payment of R45000.00. John secure a mortgage bond with a bank for the balance at 18% per annum compounded monthly with a term Of 20 years. What are the monthly payments? \n" ); document.write( "

Algebra.Com's Answer #829186 by Theo(13342) $\"\"$ $\"About$

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using the calculator at https://www.algebra.com/tutors/faq.mpl, make the following inputs.
\n" ); document.write( "pv = 180000 minus 45000 = 135000
\n" ); document.write( "fv = 0
\n" ); document.write( "np = 20 * 12 = 240
\n" ); document.write( "ir = 18/12 = 1.5
\n" ); document.write( "payment at end
\n" ); document.write( "click on pmt to get the answer of -2083.47
\n" ); document.write( "that means that the payment is 2083.47 payable at the end of each month for 240 months.
\n" ); document.write( "since the interest rate is 18% per year, compounded monthly, you divide the annual interest rate per year by 12 to get the monthly interest rate.
\n" ); document.write( "since the payments are at the end of each momnth, you multiply the number of years by 12 to get the number of months.
\n" ); document.write( "here's what the results look like.
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