The total loan payment = 300,000 * 10 Years = $3,000,000 There is a total loan cost formula solved for principal: principal = (Total - Total * ((1 + rate)^ - # of years * 12) / (rate * # of years * 12) The rate is the monthly loan rate = rate / 1,200 = 8 / 1,200 = .0066666666... principal =(3,000,000 - 3,000,000 * (1.0066666666)^-120) / (.0066666666 * 120)
The whole part will be the 4. The fraction part will be the decimal. That converts to the fraction 25/40. Therefore, 4.625 as a mixed number is 4 and 25/40.