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MA_775_DIABLO [31]
1 year ago
12

Jim takes out a mortgage for 30 years at an interest rate of 2.49% and his monthly repayments are $986.50. What is the principal

loan amount? Round your answer to the nearest ten thousand dollars. Do NOT round until you have calculated the final answer.
Mathematics
1 answer:
Svetllana [295]1 year ago
6 0

The principal loan amount will be 250000. P is denoted by the principal loan amount

<h3> What is the amount?</h3>

The complete repayment of money at the end of the period for which it was borrowed is referred to as the amount.

The given data in the problem is;

P is the principal loan amount

r is the rate of interest = 2.49%

n is the time period= of 30 years

The formula for the principal loan amount  is found as;

\rm P=M(1-(1+\frac{r}{12} )^{\frac{12}{n}

\rm P=986.50(1-(1+\frac{0.249}{12} )^{\frac{12}{30} }\\\\ P= 250000

Hence the principal loan amount will be 250000.

To learn more about the amount, refer to the link;

brainly.com/question/12184047

#SPJ1

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