document.write( "Question 1201600: At graduation, you have a student loan of $19,000. The loan has a fixed annual interest rate of 3.4%, compounded monthly, for 10 years. What will your monthly payments be? (Enter numeric answers to 2 decimal places.) \n" ); document.write( "
Algebra.Com's Answer #836060 by math_tutor2020(3817)\"\" \"About 
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\n" ); document.write( "Answer: $186.99\r
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\n" ); document.write( "\n" ); document.write( "Work Shown:\r
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\n" ); document.write( "\n" ); document.write( "The formula to use is
\n" ); document.write( "P = (L*i)/( 1-(1+i)^(-n) )
\n" ); document.write( "where,
\n" ); document.write( "P = monthly payment
\n" ); document.write( "L = loan amount
\n" ); document.write( "i = monthly interest rate in decimal form
\n" ); document.write( "n = number of months\r
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\n" ); document.write( "\n" ); document.write( "In this case
\n" ); document.write( "L = 19000
\n" ); document.write( "i = 0.034/12 = 0.0028333 approximately
\n" ); document.write( "n = 10*12 = 120 months\r
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\n" ); document.write( "\n" ); document.write( "Then,
\n" ); document.write( "P = (L*i)/( 1-(1+i)^(-n) )
\n" ); document.write( "P = (19000*0.0028333)/( 1-(1+0.0028333)^(-120) )
\n" ); document.write( "P = 186.994047599858
\n" ); document.write( "P = 186.99\r
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\n" ); document.write( "\n" ); document.write( "The answer can be confirmed with a calculator such as this one
\n" ); document.write( "https://www.calculator.net/loan-calculator.html
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