document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1199131>Question 1199131</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Determine the monthly payment if you take out a loan for $ 230000 with an annual interest rate of 7% and the term of the loan is 20 years.<BR>\n" );
document.write( "Monthly Payment =  </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #832838 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=832838\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> loan is for 230,000<BR>\n" );
document.write( "annual interest rate is 7%.<BR>\n" );
document.write( "term of the loan is 20 years.<BR>\n" );
document.write( "20 years * 12 = 240 months<BR>\n" );
document.write( "7% per year = (7/12)% per month.\r<BR>\n" );
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document.write( "using the texas instruments BA-II Plua financial calculator, my inputs are:<BR>\n" );
document.write( "pv = 230000<BR>\n" );
document.write( "fv = 0 (future value)<BR>\n" );
document.write( "n = 240 months (number of time periods)<BR>\n" );
document.write( "i/y = 7/12 percent per month (interest rate percent per month)<BR>\n" );
document.write( "payments are made at the end of each month.<BR>\n" );
document.write( "i click on pmt and it tells me that the payment at the end of each month needs to be 1783.19 rounded to the nearest penny.<BR>\n" );
document.write( "it shows the payment as negative because it is money going out, while it shows the present value as positive because it is money coming in.<BR>\n" );
document.write( "that convention is required by the calculator.\r<BR>\n" );
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document.write( "you can do the same thing using the online financial calculator at <a  rel=nofollow HREF= \"https://arachnoid.com/finance/\" target = \"_blank\">https://arachnoid.com/finance/</a>\r<BR>\n" );
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document.write( "here are the results from using that calculator.\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" src = \"http://theo.x10hosting.com/2022/121002.jpg\">\r<BR>\n" );
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document.write( "note that (7/12)% is equal to .58333333.....%<BR>\n" );
document.write( "with the ti calculator, you can enter 7/12.<BR>\n" );
document.write( "with the online calculator, you have to do the arithmetic and enter the result of 7/12.\r<BR>\n" );
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document.write( "both calculators will give you the same answer if you do the inputs correctly.\r<BR>\n" );
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