I need to know the step by step on how to solve this question
1 answer:
My father taught me a method that I call, 'throwing some thing over the wall'. There is a sample equation for the first picture that shows you how it works. It's a great way to help isolate the variable and I hope that it works for you. The second picture contains the answers I got through the use of this method. I'm sorry for the messy handwriting; I was on a bus.
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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
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(4.189386)
= 4.189386P = 98,000
P =
P = 23,392.4494 ≈ $23,392.45
The principal amount was $23,393.45