document.write( "Question 1201798: You want to borrow $600,000 to buy an apartment, and you can only afford $4,000 a month to repay the loan. The bank charges you a fixed interest rate of 4% with monthly compounding.
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\n" ); document.write( "How long will it take you to pay off the loan? \n" ); document.write( "
Algebra.Com's Answer #836318 by Theo(13342)\"\" \"About 
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using the texas insruments business analyst 2 calculator, the length of the loan is shown as 208.2905355 months required to pay off the loan.
\n" ); document.write( "round to the next higher integer to get 209 months.
\n" ); document.write( "divide by 12 to get 17 years and 4 months.
\n" ); document.write( "your last payment will be a partial payment, i.e. not the full 4000 dollars.
\n" ); document.write( "i used excel to show you what happens at the beginning and the end of the loan.
\n" ); document.write( "based on excel, your last payment probably be equal to 1163.514348, payable at the end of of month 209.
\n" ); document.write( "here's what the beginning of payments looks like and what the end of payments looks like in excel.\r
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\n" ); document.write( "\n" ); document.write( "as the loan progresses, the interest part of the payment decreases and the equity part of the payment increases.\r
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\n" ); document.write( "\n" ); document.write( "the sum of the equity is equal to the original value of the loan.\r
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