The total of monthly payments for a three-year loan is $22,317.12. The APR is 4%. How much money was originally borrowed?
1 answer:
Answer:
$717336
Step-by-step explanation:
The total of monthly payments for a 3-year loan is $22317.12.
So, the total amount has to pay back in 3 years is $(22317.12 × 12 × 3) = $803416.32.
Let the amount of money that was originally borrowed is $x and the given APR is 4%.
Then we can write,
⇒ 1.12x = 803416.32
⇒ x = $717336 (answer)
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