HOW WOULD I SOLVE THIS? WITH WHAT FORMULA AND WHAT IS THE ANSWER
1 answer:
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Answer:
The amount which she borrow as house loan is $ 48514.56
Step-by-step explanation:
Given as :
The house loan per month afford by Kylie = $1310
The period of loan = 25 Years
The annual rate compounded monthly = 8.4%
Principal = $ P
∵ The per month loan afford amount = $1310
So, The amount afford in 25 years = $1310 × 25 × 12
Or, The amount afford in 25 years = $393,000
<u>Now, from compounded method</u> :
Amount = Principal ×
Or, $393,000 = $ P ×
Or, $393,000 = $ P ×
Or, $393,000 = $ P ×
∴ P = $ 48514.56
Hence The amount which she borrow as house loan is $ 48514.56 Answer