document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1201607>Question 1201607</A>: <I><SPAN STYLE=\"word-break: break-all;\"> You can afford a $900 per month mortgage payment. You've found a 30 year loan at 6% interest.\r<BR>\n" );
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document.write( "a) How big of a loan can you afford?\r<BR>\n" );
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document.write( "b) How much total money will you pay the loan company?\r<BR>\n" );
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document.write( "c) How much of that money is interest? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #836067 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=836067\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> 6% compounded monthly = 6/12 = .5% per month.<BR>\n" );
document.write( "30 years * 12 = 360 months.<BR>\n" );
document.write( "present value of 900 paid at the end of each month is equal to 150,112.45.<BR>\n" );
document.write( "that's how big a loan you can afford.<BR>\n" );
document.write( "the total payments would be 360 * 900 = 324,000.<BR>\n" );
document.write( "total interest paid on the loan would be 324,000 minus 150,112.45 = 173,887.55.<BR>\n" );
document.write( "you can use the online calculator at <a  rel=nofollow HREF= \"https://arachnoid.com/finance/\" target = \"_blanak\">https://arachnoid.com/finance/</a> to get the same answer.<BR>\n" );
document.write( "here are the results from using that calculator.<BR>\n" );
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document.write( "the calculator tells you the present value.<BR>\n" );
document.write( "you then have to multiply the payments by 360 to get the total payments.<BR>\n" );
document.write( "you then have to subtract the present value to get the total interest. </SPAN>\n" );
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