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)
<span>principal =(3,000,000 - (3,000,000 * 0.4505234643) / .8
</span>
principal =(3,000,000 -
<span>
<span>
<span>
1,351,570.39) / .8
</span></span></span>
<span>principal = 1,648,429.61</span> / .8<span><span>
</span>
</span>
<span><span>
</span>
</span>
<span><span><span>
</span></span></span><span><span><span>principal = 2,060,537.01
</span>
</span>
</span>
Source:
http://www.1728.org/loanfrm4.htm
Answer:
x=61.71428 or 61 5/7
Step-by-step explanation:
We can use a ratio to solve
7 pieces 12 pieces
----------------- = ---------------
36 seconds x seconds
Using cross products
7x = 36*12
7x = 432
Divide by 7
7x/7 = 432/7
61 5/7
x=61.71428
He could plot coordinates and find the slope and y intercepts of the solutions