document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1203888>Question 1203888</A>: <I><SPAN STYLE=\"word-break: break-all;\"> you can afford $1,500 per month mortgage payment. you've found a 30 years loan at 6% interest a)  how big  of a loan can you afford       b)how much total money will you pay the loan company       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 #839772 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=839772\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> the calculator at <a  rel=nofollow HREF= \"https://arachnoid.com/finance/\" target = \"_blank\">https://arachnoid.com/finance/</a> can help you find the answer to this problem.\r<BR>\n" );
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document.write( "inputs are:<BR>\n" );
document.write( "present value = 0<BR>\n" );
document.write( "future value = 0<BR>\n" );
document.write( "number of time periods is 30 years * 12 = 360 months<BR>\n" );
document.write( "interest rate per time period is 6%  per year / 12 = .5% per month.<BR>\n" );
document.write( "payments are made at the end of each time period.\r<BR>\n" );
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document.write( "here are the results.\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( "calculator says that present value = 250,187.42.<BR>\n" );
document.write( "that's the amount of money you can get a mortgage for.\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( "360 months * 1500 per month = total amount paid of 540,000.\r<BR>\n" );
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document.write( "c) how much of that money is interest?\r<BR>\n" );
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document.write( "540,000 minus 250,187.42 = total interest paid of 289,812.58.\r<BR>\n" );
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