document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1179081>Question 1179081</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Nick has been depositing $ 190 in a savings account every three months for the past three years. This account paid 3 % convertible quarterly. Nick has just made the last deposit. Nick is buying a car for $ 14000. He is taking out a car loan. He will use the accumulated value of his savings account as the downpayment on the car. The loan is at 3 % convertible semiannually and has a term of 4 years. Find the size of Nick's monthly car loan payment. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #850291 by </B><A HREF=/tutors/aboutme.mpl?userid=ikleyn><B>ikleyn(52790)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=ikleyn><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=ikleyn><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=850291\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> .<BR>\n" );
document.write( "Nick has been depositing $ 190 in a savings account every three months for the past three years. <BR>\n" );
document.write( "This account paid 3 % convertible quarterly. Nick has just made the last deposit. <BR>\n" );
document.write( "Nick is buying a car for $ 14000. He is taking out a car loan. He will use the accumulated value <BR>\n" );
document.write( "of his savings account as the downpayment on the car. The loan is at 3 % convertible semiannually <BR>\n" );
document.write( "and has a term of 4 years. Find the size of Nick's monthly car loan payment.<BR>\n" );
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document.write( "As the problem is worded, printed and presented, it seems illogical to me.\r<BR>\n" );
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document.write( "Indeed, it says that the car loan is compounded semiannually.\r<BR>\n" );
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document.write( "The problem says nothing about the periodicity of the Nick payments.\r<BR>\n" );
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document.write( "By default, it means that Nick pays semiannually for the car loan.\r<BR>\n" );
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document.write( "But then the problem suddenly asks about the size of Nick's monthly car loan payments.\r<BR>\n" );
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document.write( "It is out of the human logic to present the problem in this form.\r<BR>\n" );
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document.write( "Then @CPhill in his solution finds the size of the Nick's monthly payments,<BR>\n" );
document.write( "assuming that the monthly loan rate is equivalent to the semiannual rate.\r<BR>\n" );
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document.write( "But in reality, the bank does not perform monthly compounding for this loan - <BR>\n" );
document.write( "-it performs semiannual payments for accumulated 6-month deposits.\r<BR>\n" );
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document.write( "I understand that the problem's creator wants very much to create a new problem about a loan.<BR>\n" );
document.write( "I saw many attempts at this forum to create such problems.<BR>\n" );
document.write( "But very often, such attempts do not go along the human logic; instead, they go precisely against it.<BR>\n" );
document.write( "Exactly as this one does not go along the human logic - it goes against it.\r<BR>\n" );
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document.write( "My opinion is that for this problem its formulation and the @CPhill' solution<BR>\n" );
document.write( "both are out of the human logic.\r<BR>\n" );
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document.write( "They both are in area of absurdism, and the right place for both is a garbage bin.\r<BR>\n" );
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document.write( " </SPAN>\n" );
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