document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1202557>Question 1202557</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Kara wants to remodel her kitchen. She budgets $25,000 for the job. Her bank is offering her the loan at a rate of 12.6%/a compounded monthly. She has the freedom to choose between paying it off over a 5, 7, or 10 year term.<BR>\n" );
document.write( "a) Determine the monthly payment for each term.<BR>\n" );
document.write( "b) Calculate how much interest Kara would pay for each term.<BR>\n" );
document.write( "c) Which term should Kara choose? Why might she choose a different term?\r<BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #837481 by </B><A HREF=/tutors/aboutme.mpl?userid=mananth><B>mananth(16946)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=mananth><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=mananth><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=837481\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Loan amount $ 25000\r<BR>\n" );
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document.write( "years 5  60 months\r<BR>\n" );
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document.write( "Interest rate = 12.6 %   0.126/12=0.0105\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=P=+%28Xo+%2Ar%29%2F%281-%281%2Br%29%5E%28-n%29%29%29 ALIGN=MIDDLE  ALT=\"P=+%28Xo+%2Ar%29%2F%281-%281%2Br%29%5E%28-n%29%29%29\"   DISABLED_style= \"max-width:90%; height:auto;\" >\r<BR>\n" );
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document.write( "<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=%2825000%2A0.0105%29%2F%281-%281.0105%29%5E-60%29 ALIGN=MIDDLE  ALT=\"%2825000%2A0.0105%29%2F%281-%281.0105%29%5E-60%29\"   DISABLED_style= \"max-width:90%; height:auto;\" >\r<BR>\n" );
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document.write( "P=$563.72\r<BR>\n" );
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document.write( "Similarly you can calculate for  6 and 7 years and draw your conclusions </SPAN>\n" );
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