document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1197708>Question 1197708</A>: <I><SPAN STYLE=\"word-break: break-all;\"> A bank loan of $8000 is repaid in annual payments of $1000 plus 10% interest on the unpaid balance. What is the total amount of interest paid?\r<BR>\n" );
document.write( "\n" );
document.write( "Thank you for asking </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #831101 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=831101\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> if you use a financial calculator, it will tell you the following:<BR>\n" );
document.write( "the bank loan will be completely payed off in 16.888631703 years.<BR>\n" );
document.write( "the total payments will have been that * 1000 = 16,886.31703 dollars.<BR>\n" );
document.write( "that minus 8000 = 8,886.31703 dollars.<BR>\n" );
document.write( "that's the total interest paid on the loan.<BR>\n" );
document.write( "what actually happens is between you and the bank and how they handle the last year of payment.\r<BR>\n" );
document.write( "<BR>\n" );
document.write( "<BR>\n" );
document.write( "<BR>\n" );
document.write( "<BR>\n" );
document.write( "\n" );
document.write( " </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );