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Nutka1998 [239]
3 years ago
9

The total amount paid on a 35 year loan was $98,000. If the interest rate was 4.1% and compounded monthly, what was the principa

l? Round your answer to the nearest cent.
Mathematics
2 answers:
IRINA_888 [86]3 years ago
7 0

Answer:

$23,392

Step-by-step explanation:

Use the compound interest formula and substitute the values given: $98,000=P(1+.041/12)^{12(35)}

Simplify using order of operations:

$98,000=P(1.003416667)^{420}

P=$98,000(1.003416667)^{420}

P≈$23,392

Levart [38]3 years ago
5 0

Answer:

The principal amount was $23,393.45

Step-by-step explanation:

The total amount paid on a 35 year loan was $98,000 at the rate of interest 4.1%

We will calculate Principal amount by this formula

A=P(1+\frac{r}{n})^{nt}

Where A = amount (98,000)

           P = Principal amount (P)

           r = rate of interest 4.1% (0.041)

           n = number of compounding interest monthly (12)

           t = time (35 years)

98,000=P(1+\frac{0.041}{12})^{(12)(35)}

98,000=P(1+0.003416)^{(420)}

98,000=P(1.003416)^{(420)}

98,000 = P(4.189386)

= 4.189386P = 98,000

P = \frac{98000}{4.189386}

P = 23,392.4494 ≈ $23,392.45

The principal amount was $23,393.45

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