Step-by-step explanation:
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The formula for figuring the monthly payments on such a loan is
... A = P(r/12)/(1 -(1 +r/12)^(-12t))
where r is the annual interest rate (.065), P is the principal amount (we want to find), t is the number of years (30), and A is the monthly payment.
Filling in the given values, we have
... 821.69 = P(.065/12)/(1 - (1 +.065/12)^(-12*30)) = 0.00632068·P
Then the principal amount is
... P = 821.69/0.00632068 = 130,000.25
The most appropriate choice is ...
... 4. $130,000
Answer:
A on edg
Step-by-step explanation:
You didn't list the options
btw
the next step should be
(add 4 to both sides)
2y = 16
or
2y - 4 + 4 = 12 + 4
