Algebra.Com's Answer #843496 by ikleyn(52797)![\"\"](\"/images/stars/stars-13.gif\")  
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document.write( "You want to get a home loan for $240,000. The bank is offering a 3% interest rate for 15 years.
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document.write( "What will your monthly payments be?
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document.write( "Use the formula for the monthly payment for a loan\r\n" );
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document.write( " M =  \r\n" );
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document.write( "where P is the loan amount; r =  is the interest rate per month;\r\n" );
document.write( "n is the number of payments (same as the number of months); M is the monthly payment.\r\n" );
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document.write( "In this problem P = $240000; r = , n = 15*12 = 180 monthly payments.\r\n" );
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document.write( "Substitute these values into the formula and get for monthly payment\r\n" );
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document.write( " M =  = $1657.40.\r\n" );
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document.write( "ANSWER. The monthly payment is $1657.40.\r\n" );
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document.write( "In total, you will pay 15*12*1657.40 = 298,332 dollars in 15 years.\r\n" );
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document.write( "The difference $298,332 - $240,000 = $58,332 is the interest you pay to financial company.\r\n" );
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document.write( "Solved.\r
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